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Budget
| Term | Definition |
|---|---|
| Zero-based budget | having each item justified on the basis of cost or need |
| Fixed expenses | cost that remains constant and does not vary with short-term changes in production |
| Variable expenses | cost that fluctuates directly with changes in output |
| Income | a gain or recurrent benefit usually measured in money that derives from capital or labor |
| Need | Things that you have to have to survive |
| Want | things that are necessary, but are personal items you want |
| Disposable income | income that is left after paying taxes and for things that are essential, such as food and housing |
| Financial plan | An evaluation of an individual’s current pay |
| Assets | the entire property of a person, association, corporation, or estate applicable or subject to the payment of debts |
| Liabilities | something for which one is liable |
| Net worth | the excess of the value of assets over liabilities |
| Capital | accumulated possessions calculated to bring in income |
| Surplus | the amount that remains when use or need is satisfied |
| Budget | the amount of money that is available for, required for, or assigned to a particular purpose |
Created by:
Syd R