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PF Ch 3 Recordkeepin

Know these terms for the Ch 3 Test

TermDefinition
recordkeeping a way for you to manage your money
expenditures items you spend money on during a period of time
budget sheet tool used to record your expenses, usually on a monthly basis
living expenses money you need for food, utility bills, pocket money
budget a plan for using money in a way that best meets your wants & needs
fixed expenses These do not vary from one month to the next such as rent
annual expense These occur only once a year, such as real estate taxes
expense summary This report compares the amounts that you have spent to the amount you have budgeted
emergency fund Extra money set aside to be used for unpredictable expenses such as medical bill and vehicle repairs
Created by: apeake