vocabulary
budgeting process
planning budgeting
payments
characteristics of a budget
100
the amount budgeted for saving and other expenditures
What is allowance
100
what are six main purposes of budgeting
1. live within your income 2. achieve your financial goals 3. buy wisely 4. avoid credit problems 5. plan for financial emergencies 6. develope good money mangement skills
100
what could you budget on your food
food eaten at home and food eaten away from home
100
What are some household payments you have to pay
Rent, taxes, insurance, gas, electricity, fuel oil, telephone, water, household furnishings, and repairs.
100
T or F budget should be simple
T
200
a plan that allows you to meet your personal goals with a system of saving and wise spending
What is budget
200
what does the process of creating and using a budget
1. setting financial goals 2. planning budget categories 3. maintaining financial records 4. evaluating your budget
200
what are some examples of transportation expenses
automobile payments, insurance, automobile operating costs, and public transportation fares
200
what are some life payments
Health, personal care, gifts, and contributions
200
what is a tax form
a written budget explanation
300
a difference between actual spending and planned spending
What is budget variance
300
what are some examples of fixed expenses
rent, mortgage payments, insurance premiums
300
what are some types of variable expenses
medical, dental costs, food, clothing, and utilities
300
what is a deficit
when actual spendng is greter than budget
300
should your budget allow for unexpected expenses
yes
400
a cost that occurs regularly and are for the same amount each time
What is fixed expenses
400
what is a cash flow statement
reports how you have spent your money over a certain time period
400
what will help assist you in deciding how you want to spend and save money
writing down short term and long term goals
400
T or F budget must be realistic and should not reflect your current income
False
400
should a budget be in writing or in a software
writing, is easier to do
500
living costs involving differing amounts each time and are usally more difficult to estimate
What is variable expenses
500
what living expense must be considered after saving
fixed and variable expenses
500
What are five good charecteristics of a good budget
1. Budget must be realistic.Should reflect your current and planned spending 2.Your spending plan should be able to handle living costs 3.should be evaluated every few months. 4.should discuss financial goals 5.should have a simple format
500
what programs can have a budget program
software programs
500
does a budget variance mean that you should change your spending plan
yes
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