Paycheck
The total amount of money you earn for a specific time. This amount is before deductions and taxes are taken out of your paycheck.
What is left over after your bills are paid. It's available to be spent or saved as one wishes.
What is Discretionary Income
When budgeting, you should focus on this first.
What is Debt
You need to keep this organized when budgeting.
What is Bills and Receipts
The opportunity to obtain goods, or services now in exchange for a promise to pay in the future.
What is Credit
Another name for "take-home-pay." Your pay after deductions and taxes come out of your check.
What is Net Pay
What is Disposable Income
When budgeting, you should create _________ to manage your money.
What is Separate Accounts
You need to differentiate between these when you are budgeting.
What is wants vs. needs
Some factors that determine a person's _____ are income, current debt and history.
What is Credit Rating or Credit Score
Taxes, retirement contributions, medical insurance and dental benefits are examples of this.
What is Deductions
The cost required for something. You may pay a bill or make a purchase.
What is Expenditures or Expenses
T/F: When creating a budget you should create a SMART Goal.
True
T/F: You should start saving money after college
False
Creditors usually charge _______ or a fee for using their money.
What is Interest
Money subtracted from a paycheck for taxes.
What is Withholding
Gas, Food, Clothing, Utilities and Entertainment Costs are examples of what?
What is Variable Expenses
What does SMART stand for?
What is Specific, Measurable, Achievable, Realistic and Time-Bound
T/F: Overestimate expenses and underestimate income
True
Collects financial information from people and businesses worldwide to assess their credit risk
What is Experian
What are mandatory taxes that come out of everyone's paycheck?
What is Federal, State, Medicare and Social Security
Rent, Mortgage, Car/Loan Payments and Gym Membership are examples of what?
What is Fixed Expenses
What are the steps in the budgeting process?
What is Set Goals, Estimate Your Income, Estimate Your Expenses, Plan for Savings, Balance and Adjust Your Budget
Before making a budget you need to ______ costs.
What is Research
A form of credit account, which allows one to borrow or charge up to a certain amount of money and pay back a part of the total each month.
What is Revolving Credit/Account