Income
The budgeting process starts with monitoring current spending.
What is true?
Variable/Irregular expenses stay about the same each month.
What is false?
T/F The budgeting process starts with monitoring current spending.
True
T/F Rent is considered a fixed expense.
True
The amount of money earned, before deductions.
What is Gross Pay?
Will a budget give you more money?
What is No?
An example of a short-term goal would be: 1.an annual vacation. 2.saving for retirement 3.buying a used car.
What is saving for an annual vacation?
T/F Flexible expenses stay about the same each month.
False
"take-home" pay, or what is left after deductions are taken out of your paycheck.
What is Net Pay?
An example of a long-term goal is: 1.an annual vacation. 2.saving for retirement 3.completing college in six months.
What is saving for retirement?
What is commonly considered a flexible expense? 1.rent 2.a mortgage payment 3. entertainment
What is entertainment?
What is the definition of budgeting?
What is an estimate of income and expense?
A list of planned expenses and income.
What is a budget?
Which is commonly considered a variable expense? 1.rent 2.car note 3.entertainment
What is entertainment?
The final phase of the budgeting process is to: 1.set personal and financial goals. 2.compare your budget to what you have actually spent. 3. make sure budget and income is balanced.
What is make sure budget and income is balanced?
The amount of money that an individual or business earns.
What is Income?
An example of a fixed expense is:_____ 1.clothing. 2.auto insurance. 3.an electric bill.
What is auto insurance?