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Personal Finance
Vocabulary Review
| Term | Definition |
|---|---|
| taxes | mandatory payments you make to state and local governments |
| balanced budget | spending is equal to or less than earnings |
| variable expense | costs change from month to month |
| fixed expense | costs usually remain steady from month to month |
| want | unnecessary expenses |
| need | necessary expenses |
| income | money you earn |
| take home pay | amount left over in your paycheck after deductions |
| startup capital | money you invest to get your business up and running |
| federal taxes | payments you make to the U.S. government |