Vocab 1
An amount of money you have planned to save and spend.
Budget
The amount of money made after tax deductions; the amount you have to spend.
Net income
Which is an example of a fixed expense? Rent or groceries
Rent
A spending plan for a specific event
Examples: vacation, graduation party, wedding, home remodel
Event Budget
Where does your income come from?
A purchase made at a lower cost than the usual cost.
Bargain
The amount of money made before tax deductions.
Gross income
Which is an example of a variable expense? Gas or utilities
Gas
Summary of how much an individual or a family will make and owe
Shows where money comes from, how much there is, and where it is going.
Personal or Household Budget
Examples: Electronics, entertainment, clothing accessories, daily Starbucks, luxury purchases, etc.
A certificate or advertisement for a discount.
Coupon
An expense that can change over time.
Which is an example of a fixed expense? Car payment or cleaning supplies
Operating budget: A document showing if there is enough money to run a business and make a profit
Business Budget
List 2 examples of "needs" or essential expenses
Examples: Housing, electricity, groceries, clothing, hygiene products
Very important or necessary.
Essential
An expense that stays about the same for a time period.
Fixed cost
Which is an example of a variable expense? Entertainment or mortgage
Entertainment
City, state, and federal governments each have one
Balance the amount of money coming in with the expenses of running each type of government
Government Budget
List one expense that you could limit in order to budget your money.
Examples: Daily coffee, luxury items, dining out, name brands
A sum of money charged for teaching or instruction by a school, college or university.
Tuition
Amount of money a business receives mostly from sales or a government receives mostly from taxes.
Revenue
Which is an example of a fixed expense? Insurance or clothing purchases
Insurance
Name one benefit of a budget.
Control over your money, helps prevent overspending, ability to save money, increase in money awareness, achieve your financial goals
I have $343 left in my budget.
I would like to see a new movie. Movie tickets are $20. First, I need to pay my essential bills. I need to pay $82 for internet and $269 for my car payment. Will I have enough money to buy the movie tickets?
No