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Budgeting Terms
Part 1 of Unit
| Term | Definition |
|---|---|
| budget | A spending plan for managing money during a given period of time |
| debt | Something owed to another with an obligation to pay it back |
| expenses | Amounts of money spent to buy goods and services |
| fixed expenses | Expenses where the amount that you pay each time is the same |
| flexible | Something that can be changed easily |
| income | Money earned through employment and investments |
| money management | The process of using a financial plan to control your money |
| overdraft | The act of spending more money than you actually have in your bank account |
| periodic expenses | Costs that do not occur every month |
| variable expenses | Costs that change in amount each time they are paid |
| transfer | A transaction in which money is moved from one account to another |
| withdrawal | A transaction in which money is subtracted from a bank account, usually to pay for goods or services |
| deposit | A transaction in which money is put into a bank account by the account owner |
| transactions | Moving money to and from bank accounts |
| checking or debit card ledger | A tool for organizing transactions and keeping track of an account balance |
Created by:
angitwo
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