Expense that stays the same month to month
What is a fixed 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 to equal zero
What is Zero based-budget
Saving 500 dollars incase of emergency
What is the first foundation
income that comes in at different amounts or at different times, or both.
What is a Irregular Income
A plan you have for your money
What is a budget
Expense that varies in dollar amount from month to month but that you can expect to have every month
What is a variable expense
what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
What is Net income
Get out and stay out of debt
What is the second foundation
earnings based on a percentage of the sales made
what is Commission
What percent of students who complete a personal finance course create a monthly budget for their money.
What is 80%
Expense that occurs at various times throughout the year, and tends to be in large lump sums.
What is a intermittent expense.
the amount you earn before taxes and other payroll deductions
What is a Gross income
Paying cash for your car
What is the third foundation
a “set it and forget it” activity
What is Budgeting.
a record that summarizes all of the income and outgo (spending) over a certain time period
What is a Cash-Flow Statement
Expense you don't need.
What is a Discretionary expense
Using pencil and paper or apps for budgeting.
What is setting up your zero-based budget
Paying cash for college
What is the fourth foundation
a written plan for giving, saving, and spending
What is a budget.
Collect all your receipts each day and update your budget
What is tracking your budget.
Money received from work, as a gift, or through investments.
What is Income
Saving an emergency fund, paying cash for a car, and paying cash for college
What is acts of the five foundations.
Building wealth and giving
What is the fifth foundation
Biggest wealth-building tool
What is your income
Use cash for categories you tend to overspend on
What is The Envelope System.