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Recordkeeping

Business Math - Chapter 3

TermDefinition
Recordkeeping A way for you to track items you spend your money on so that you can manage your money.
Expenditures Items you spend your money on.
Budget Sheet A tool you use to record your expenses, usually on a monthly basis.
Living Expenses Expenses that include food, utility bills, and pocket money.
Fixed Expenses Expenses that do not vary from one month to the next.
Budget A plan for using money in a way that best meets your wants and needs.
Annual Expenses Expenses that occur only once a year.
Expense Summary A report that compares the amounts that you have spent to the amounts that you have budgeted.
Emergency Fund Extra money set aside to be used for unpredictable expenses, such as medical bills and vehicle repairs.
Created by: dsteffey