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Definitions
Tips
Income and Expense
Savings
Business Budgeting and Finance
100
A plan for wise spending and saving based on income and expenses
What is a Budget?
100
Ask yourself the question, do I ____ it? or do I____ it?
What is want it or do I need it?
100
It is essential for individuals to record _____ and ______
What is income and expenses?
100
The step where you calculate the amount of income you plan to earn
What is step 1
100
There are ____ types of business budgets
What is two
200
The amount of money collected by a individual before taxes.
What is Gross Income?
200
Your budget should be updated every _____.
What is month?
200
The total amount of income received by a person.
What is gross income?
200
The step when you establish your goals
What is step 4
200
What it's called when bussinesses need to cut back in order to operate
What is cutting costs
300
Costs that differ from one month to another.
What is variable expenses?
300
Individuals should shop for their groceries when?
What is on a full stomach?
300
The gross income minus an individuals expenses
What is net income?
300
The step when you review your budget
What is step 5
300
The difference bettween business budgeting and personal budgeting is that businesses only ______ to save money
What is spend money
400
Costs that occur regularly and cannot be adjusted.
What is fixed expenses?
400
There are no postage fees when you pay your bills ______.
What is over the Internet?
400
Number of months you should have saved.
What is 3 months?
400
The step when you calculate the amount of money left after the budget
What is step 3
400
This is done on a regular basis and clearly presents revenues and expenses of the company
What is an operating budget
500
The income that is left after expenses have been paid for
What is discretionary income?
500
A good percentage to start saving.
What is 10%?
500
The amount of income left after one's taxes and government expenses are subtracted.
What is disposable income?
500
the step when you calculate the expenses you will encounter
What is step 2
500
This budget's purpose is to show the money needed to open a business
What is a start up budget