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EPF M2L1 Key Terms
Economics & Personal Finance Module 2 Lesson 1 Key Terms
Term | Definition |
---|---|
Wants | Things we would like to have but not necessary for survival. |
Needs | Things required for survival including food, water, and shelter. |
Mandatory Spending | Money that must be spent to meet needs in a budget. |
Discretionary Spending | Money spent on wants in a budget. |
Fixed Expenses | Costs that stay the same every month like mortgage or rent. |
Variable Expenses | Costs that change from one month to the next like a water bill. |
Budget | A plan for spending money based on income. |
Debt | Spending more money than comes in as income. |
Lease | Contract that allows you to use a car for a specified period of time for a monthly payment. |