Vocab
A written plan for giving, saving and spending?
Budget!
A record that summarizes all of the income and outgo (spending) over a certain time period
Cash-Flow Statement
Income that comes in at different amounts or at different times, or both?
Irregular Income
What are the components of a budget?
Giving, income and saving
A system where you make categories and put money into_____________ so you don't over spend.
Envelopes
Money received for work, as a gift or through investments?
Income
The amount you earn before taxes and other payroll deductions
Gross-Income
Earnings based on a percentage of the sales made?
Commission
Income-expenses = Zero
10%
Expense that remains the same from month to month?
Fixed Expense
What a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay?
Net Income
Saver and Spender
What are the "4 walls"?
Transportation, food, shelter and utilities
When you make a budget you take the ________ out of spending.
Fear
Expense that varies in dollar amount from month to month but that you can expect to have every month?
Variable Expense
A cash-flow plan that assigns an expense to every dollar of your income" the goal is for the total income minus the total expenses will equal ZERO?
Zero-Based Budget
Give an example of a "discretionary" expense.
Movies, eating out, gifts, anything you don't really need.
How often should you design a budget?
Every month
Why is it important to budget now?
Expense for things you don't need?
Discretionary Expense (nonessential)
Expense that occurs at various times throughout the year (or not every year, like tires) and tends to be in large, lumps sums
Intermittent Expense
Give an example of a "intermittent" expense.
Tires, winter coat, car maintenance, gym membership, anything that you pay ever once in a while.
When making a budget, you make _________ for your expenses.
Categories
What is the best college football program in Iowa?
University of Iowa (GO HAWKS!)