click below
click below
Normal Size Small Size show me how
Budgeting
Question | Answer |
---|---|
A______ allows you to meet your personal goals with a system of saving and spending. | budget |
A _____ allows you to meed your personal goals with a system of ______ and spending. | budget-saving |
A____ allows you to meet your personal goals with a system of _____ and __________. | budget-saving-spending |
A budget helps you 1 | live with your income |
A budget helps you 2 | achieve your financial goals |
A budget helps you 3 | buy/spend wisely |
A budget helps you 4 | avoid credit problems |
A budget helps you 5 | plan for financial emergancies |
A budget helps you 6 | develop good money management skills |
Four main steps in budget process | Set financial goals, plan budget categories, maintain financial records, and evaluated your budget |
The amount of money you plan to use for a certain budget category | allowance |
First four main categories of budget allowances | savings/emergencies, food, clothing, household |
Last four main categories of budget allowances | transportation, health/personal, recreation/education, gifts/charites |
Budget variance: ___ ____ is compared with budget amouths | actual spending |
Budget variance: ___ ____ is compared with ____ ____. | actual spending-budget amounts |
If actual spending is ___ ____ planned spending, it is referred to a decift | greater than |
A ____ is when actual spending is greater than planned spending | deficit |
If actual spending is ___ ____ budgeted amount, a surplus occurs | less than |
A _____ occurs when the actual spending is less than budgeted | surplus |
What makes budgeting successful? | Realistic, Flexible, Evaluated Regularly, Well planned and clearly communicated, Simple |