Lesson 2.1
a written plan for giving, saving, and spending
What is a budget
Money recieved through work, as a gift, or through investments.
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 a Zero-Based Budget
income that comes in at different amounts or at different times, or both
what is a Irregular Income
The average family spends over _____ Per year on clothing
what is $1800
Only 35% of Americans acatully do this
what is Budget
Expenses that stay the same month to month
what is fixed expenses
what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
what is a net income
earnings based on a percentage of the sales made
what is Commission
____% of couples in "great" marriages say they discuss their personal finances together.
what is 95%
Nearly 80% of personal fiancne students do this
what is make a budgeting plan
expense that varies in dollar amount from month to month but that you can expect to have every month
varaible expense
the amount you earn before taxes and other payroll deductions
what is a gross income
The average American household spends more than 90% of their ____
annual income
Money fights are a leading cause of _____in America.
what is divorce
20% behavoir 80% head knowledge
What is personal fianance
expense that occurs at various times throughout the year and tends to be in large, lump sums
what is a Intermittent Expense
a record that summarizes all of the income and outgo (spending) over a certain time period
what is a Cash-Flow Statement
____% of students who took this course talked to their family about money or finances this month.
what is 65%
Remember that your budget really does give you permission to ____
what is spend
budgeting provides____
what is freedom
expense for things you don’t need
what is a Discretionary (Nonessential) Expense
The average household spends about $370 on ____ Per moneth
what is groceries
The first foundation is
what is save $500 for an emergency fund
But if you set aside a specific day and time to work on your budget, you’re more likely to _____
What is Actaully do it.