Budgeting
Budget that outlines your plan for the month
What is a monthly budget?
The process of closing your credit account
What is a charge-off?
Money received from working a job
What is earned income?
Ad valorem tax imposed by the government units on the value of property
What is property tax/land revenue?
Something necessary for survival
What is a need?
Budget that financially plans out your year
What is a yearly/annual budget?
An organization that uses credit reports to make credit related decisions
Income before taxes
What is gross income?
Consumption-based tax on the retail sale of goods and services
What is sales tax?
Something that you would like to have, but is not necessary for survival
What is a want?
Something that helps you plan out 2 or 3 years of spending
What is a financial plan?
What is creditworthy?
Income remaining after all deductions
What is net income?
A tax on someone's earnings
What is income tax?
Example: A labubu
What is a want
3 parts of a budget
What is savings, expenses, and income?
What is a credit union?
Money remaining after all mandatory expenses
What is discretionary income?
Deducted from paychecks to fund Social Security and Medicare taxes for people who work for themselves
What is payroll tax?
Example: WATER
What is a need?
Something that helps you track your money
What is a budget?
The amount of money that you have to spend on a credit card
What is a credit limit?
Bonus
What is disposable income?
Tax on the transfer of property after one's death
Example: PS5
What is a want?