Income
The term for making money.
What is income?
This is money you regularly pay for things like rent, utilities, or a car loan.
What is a fixed expense?
Money spent on food you buy at the grocery store or eat out.
What are food expenses?
A plan that helps you manage your money by tracking income and expenses is called this.
What is a budget?
A financial goal to buy something expensive in the future, like a car or a computer.
What is a long-term goal?
This is the amount you earn before taxes and deductions are taken out.
What is gross pay?
These expenses can change each month, like groceries, gas, and entertainment.
What is a variable expense?
Costs for things like movies, concerts, or hobbies that can change each month.
What are entertainment expenses?
When your income is more than your expenses, this is called having a budget ____.
What is a surplus?
Saving money for a short time to purchase items like clothes or a phone is called this type of goal.
What is a short term goal?
Money earned from tips, bonuses, or freelance work is called this type of income.
Money paid to the government from your paycheck for services like roads and schools is called this.
What are taxes?
This variable expense covers the cost of fuel or public transportation rides.
What is transportation?
This type of expense does not change month to month, like rent or a subscription.
What is a fixed expense?
This is money set aside for unexpected expenses like emergencies or repairs.
What is an emergency fund?
This type of income is earned regularly, such as a weekly or monthly paycheck.
What is salary or wages?
This type of expense is unexpected and can include things like car repairs or medical bills.
What are emergency expenses?
Money spent on clothing, shoes, or accessories that varies by season or need.
What are clothing expenses?
The process of regularly checking and changing your budget to match your spending is called this.
What is budget monitoring or budget adjusting?
Breaking a big financial goal into smaller, manageable steps is called this.
What is goal setting or goal planning?
When you receive money from investments, rental property, or interest.
What is passive income?
The money you owe from past purchases or loans that must be paid back is called this.
What is debt?
Purchases like gifts, personal care items, or small household goods that differ monthly.
What are miscellaneous expenses?
Setting aside money regularly for future needs or emergencies is known as this.
What is saving?
The amount of money you decide to save regularly to reach your financial goal is called this.
What is a target or savings plan?