2.1
A plan for your money
What is a budget
The money coming in
What is income
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
A record that summarizes all of the income and spending over a certain time period
What is cash-flow statement
Earnings based on a percentage of the sales made
What is commission
Owing money
What is debt
An expense that remains the same from month to month
What is fixed expense
What a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
What is net income
Income that comes in at different amounts or at different times, or both
What is irregular income
Putting money aside to use later
What is saving
An expense for things you don’t need
What is nonessential expense
The amount you earn before taxes and other payroll deductions
What is gross income
An expense that occurs at various times throughout the year and tends to be in large, lump sums
What is intermittent expense
5 things to do to work to your goals
What is the 5 foundations
An expense that varies in dollar amount from month to month but that you can expect to have every month
What is variable expense