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Vocabulary
Parts of a Budget
Variable, Fixed, and Discretionary
Gross, Net, Monthly
I'm so Smart
100
A plan for spending and saving money.
What is a budget?
100
The amount of money earned.
What is income?
100
A cost determined by personal wants that may be controlled.
What is discretionary spending?
100
An individual's income before taxes are paid.
What is gross income?
100
Examples of discretionary spending.
What is eating out, designer clothes, going to concerts, buying CD's, Netflix etc.
200
A fixed payment for services or labor.
What is salary?
200
Unspent income.
What is savings?
200
Car payment, school loan, rent...
What are examples of fixed expenses?
200
An individual's income after taxes are paid.
What is net income?
200
Long term, short term, emergencies and retirement.
What are types of savings?
300
A cost to meet a need or pay a debt.
What is expense?
300
Realistic and ongoing.
What is a good budget?
300
A cost that occurs regularly and does not vary in amount.
What is a fixed expense?
300
Gross - taxes =
What is net income?
300
Tom has $400 in savings and wants to spend all of it on an overnight trip to St. Louis with his friends. Should he go? Explain.
What is NO? Savings is to be saved for a reason. Do not get into the habit of taking money out of savings.
400
Money paid monthly to a person who owns a property that you are using.
What is rent?
400
A budget should include...
What is income, savings, and expenses?
400
A cost that occurs regularly but may vary in amount.
What is variable expense?
400
Net / 12 =
What is monthly income?
400
When you are living on your own and bringing in a monthly income, what things will you have to budget for each month? Name at least 4 things.
What is rent? What is groceries? What is electric bill? What is school loan? What is car payment? What is water bill? What is phone? etc.
500
A loan taken out by a person in order to buy a home.
What is mortgage?
500
Amount available and amount spent are the same.
What is a balanced budget?
500
Groceries, electricity, water...
What are variable expenses?
500
$20,000 gross - .20% taxes =
What is $16,000?
500
You are an electrical engineer making 70,000 a year. Your taxes are about 30% of your gross income. What is your net?
What is $49,000?