2.1
definition of a budget
A budget is a plan for how you spend your money
definition of income
what is money received for work, as a gift, or through investments
define Zero-Based Budge
what is 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
define Cash-Flow Statement
what is a record that summarizes all of the income and outgo (spending) over a certain time period
define Irregular Income
what is income that comes in at different amounts or at different times, or both
the amount of Americans the budgte
what is 35%
define Discretionary (Nonessential) Expense
Discretionary (Nonessential) Expense:
define Gross Income
what is the amount you earn before taxes and other payroll deductions
The average household spends about $___ on groceries.
what is $370
define Commission
what is earnings based on a percentage of the sales made
The % of Americans that think budgeting is important
What is 95%
If you just let all your money happen to you, then you’ll never
what is win
define Net Income
what is what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
The average household spends about $___ on dining out each month.
what is $290
Budgeting isn’t a “........” activity.
what is set it and forget it
you need a ......
what is a budget
The four parts of a budget
what is giving, saving, and spending
Budgeting really is a ..... process
what is simple
Tracking your expenses is even _____ than creating a budget
what is simpler
The average American household spends more than % of their annual income.
what is 90%
The first component of a budget is
what is income
four types of expenses
what is fixed expense, variable expense, Intermittent expenses, and discretionary (or nonessential) expenses
name the five foundations
what is Saving an emergency fund, paying cash for a car, paying cash for college, stay out of debt, and build wealth and give.
__% of millionaires stick to their budgets.
what is 93%
% of students who took this course talked to their family about money or finances this month.
what is 65%