Lesson 1
a written plan for giving, saving, and spending
What is a Budget
money received for work, as a gift, or through investments
What is Income
How many steps are in the 5 foundations
What is 5
What is getting into a habit
income that comes in at different amounts or at different times, or both
What is Irregular Income
Shows you what your income is
What is a Budget
expense that remains the same from month to month
What is Fixed Expenses
what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
What is Net Income
a record that summarizes all of the income and outgo (spending) over a certain time period
What is a Cash-Flow Statement
earnings based on a percentage of the sales made
What is Commission
The amount Americans budget.
expense that varies in dollar amount from month to month but that you can expect to have every month
What is Variable Expense
the amount you earn before taxes and other payroll deductions
What is Gross Income
a system where any time you buy something from a category, just use the cash from its envelope.
What is The Envelope System
the amount the average family's spends on clothing a year
What is $1800
The number of Americans who say that budgeting is important
What is 95%
expense that occurs at various times throughout the year and tends to be in large, lump sums
What is Intermittent 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
Percent of millionaires that stick to their budget
what percent of couple's in a great marriages say they discuss their personal finances together
What is 94%
Percent of head knowledge in personal finance
What is 80% behavior
expense for things you don’t need
What is a Discretionary Expense
the 5th step in the 5 foundations
What is Build Wealth and Give
the amount the average household spends on groceries
What is $370
percent of students that took this course talked to their family about money or finances this month
What is 65% of students