Compoents of budgeting
What is a income
money received for work, as a gift, or through investments
what is a Zero-Based Budget
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 budgeting
a written plan for giving, saving, and spending
what is a Cash-Flow Statement
a record that summarizes all of the income and outgo (spending) over a certain time period
what is irregular income
income that comes in at different amounts or at different times, or both
What is a variable expense
expense that varies in dollar amount from month to month but that you can expect to have every month
what is the best budget
zero-based
What percent of american's budget
35%
Is successful budgeting just making it
no, you need to do it and stick to it
what is commission
earnings based on a percentage of the sales made
groceries, restaurants, gas, entertainment, and personal.
when will your income change
after highschool
What is the purpose of a budget
a financial plan that provides control over your money
Is tracking your expenses simpler than a budget
yes
what percent so americans spend on their annual income
90%
What are the four parts of a budget
income, giving, saving, spending
does it matter where or how you budget
no as long as you do it
What percent do you save in budgeting
94%
What is the envolpe system
Go to the bank (weekly or monthly) and get some cash. Put the amount of cash you’ve budgeted for each category in its own envelope labeled with the category’s name.
Can you budget in high-school
yes
What are the four types of expenses
fixed expense, variable expense, Intermittent expenses, discretionary (or nonessential) expenses
Do you need the 5 foundations while budgeting
yes
What percent do you invest in budgeting
87%
What percent of millionares stick to their budget
93%
why is it important to budget in a irregular home
So you know where your money is