Lesson 1
A ______ is a plan for how you spend your money.
Budget
What is money received for work, as a gift, or through investments?
Income
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?
Zero-Based Budget
What is a record that summarizes all of the income and outgo (spending) over a certain time
Cash-Flow Statement
What is income that comes in at different amounts or at different times, or both?
Irregular Income
Money flows two ways: __ ___ ___.
In and out
What is an expense that remains the same from month to month?
Fixed Expense
What is what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay?
Net Income
Creating your budget is just the first half of __________ budgeting.
Successful
What are earnings based on a percentage of the sales?
Commission
The truth is, a budget doesn’t limit your freedom—it gives you _______ to spend money on what you want.
Freedom
What is an expense that varies in dollar amount from month to month but that you can expect to have every month?
Variable Expense
What is the amount you earn before taxes and other payroll deductions?
The hardest part of tracking expenses is just getting into the _____.
Habit
The average American household spends more than __% of their annual income.
90%
When you create your budget at the beginning of the month, you’ll know exactly what you can ______.
Afford
What is an expense that occurs at various times throughout the year and tends to be in large, lump sums?
Intermittent Expense
When you add expenses like rent, utilities, food, cell phone, and car insurance to your budget, it will be more important than ever to __________ your spending well.
Prioritize
With it, you use cash for categories you tend to overspend on. Food, gas, entertainment, and shopping are all good categories for the ________ system.
Envelope
The average family spends over $_____ per year on clothing.
$1,800
Nearly ___ of students who complete a personal finance course create a monthly budget for their money.
80%
What is an expense for things you don’t need?
Discretionary Expense
Giving and saving will always come _____ in your budget.
First
Cash-flow statements are most often used in business, but you can create one to see where you’re spending money so you can ______ your budget to reach your goals faster.
Adjust
Money fights are a leading cause of _______ in America.
Divorce