Vocab
What you recieve from something
Benefit
Something that you don't need to live
Want
What you have to give up
Cost
A factory that makes cars
Producer
The person who receives the check
Payee
Something that you cannot live without.
Need
Someone who works
human resources
Something you can touch
Good
The person who writes the check is named
Payer
The unique identifier on a check is called? Look at the Anchor chart
Check number... along with the routing and account number
Human and Natural resources combined
Capital
Tree
Natural resources
an architect making a blueprint
Service
The Total amount of Income before taxes are taken out
Gross Income
What does pay yourself first mean? (In relation to budgeting)
Put your money in your savings account first, before you spend it.
The money you make after all the expenses
Profit
Limited resources
Scarcity
Finding employees that are qualified
Business scarcity
In the 50/30/20 Budget, what does the 20% represent
Savings
What is it called when a business OWES something to another business?
Debt/Liability/Account Payable
There are very few Government Programs
Nation scarcity
schools have not enough supplies
school Scarcity
The benefits and costs compared
Opportunity cost
Luxury items that you budget for are called?
Bonus- What is the % budgeted for?
Wants
30%
Income left after taxes and deductions? Bonus
What are the deductions, and where does this money go?
Net Income
State and Federal Government for roads/education/military