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Money Matters
1st Test
| Term | Definition |
|---|---|
| Fixed Expenses | Stay the same/ Need |
| Variable Expenses | Change/ Need |
| Discretionary Expenses | Wants |
| Savings | Ex: Paycheck, Allowance, Part time job, Mow lawn, Babysit |
| Reconciliation Statement | Opening Balance + Deposits - Withdrawals = Closing Balance |