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Chapter 3 Vocab

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
recordkeeping   keeping track of items you spend money on during a period of time  
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expenditures   items you spend money on  
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budget sheet   a record of monthly expenses  
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living expenses   routine expenses, including amounts for food, utility bills, and pocket expenses  
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budget   a plan for using money in a way that meets your wants and needs  
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fixed expenses   regular expenses which do not vary from one month to the next, such as rent  
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annual expenses   expenses which occur only once a year, such as real estate taxes  
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expense summary   a monthly report that compares the amounts that you have spent to the amounts that you have budgeted  
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emergency fund   extra money set aside to be used for unpredictable expenses, such as medical bills and vehicle repairs  
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Created by: ironhiderocks
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