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AFC Exam Part 1

Vocabulary from Ch. 3

QuestionAnswer
Budget A document or set of documents used to record both projected and actual income and expenditures over a period of time.
Budget Controls Tell you whether you are on target and how well you are progressing on a financial level; they also alert you to such problems as errors, overspending, emergencies, and exceptions or omissions.
Budget Estimates Are the projected dollar amounts in a budget that one plans to receive or spend during the period covered by the budget.
Cash-basis Budgeting Recognizes earnings and expenditures when money is actually received or paid out.
Cash-flow Calendar Annual estimated income and expenses are recorded in this calendar for each budgeting time period in an effort to identify surplus or deficit situations.
Credit Controlsheet Can be used to monitor credit use, amounts owed, and parties to whom debts are owed.
Discretionary Income Includes money left over once the necessities of living are covered.
Disposable Income Income remaining after taxes and withholding for such purposes as insurance and union dues. It represents the money available for spending, saving, and investing.
Ledger A sheet of paper, form, booklet, or computer file for maintaining income and expenditure records.
Monitor Unexpended Balance The best method to control overspending in each budget classification. Use a budget design that keeps a declining balance.
Net Surplus The amount remaining after all budget classification deficits are subtracted from those with surpluses.
Prenuptial Agreement A contract specifying what (if any) share of each person's assets the other will be entitled to during marriage or in case of divorce.
Recordkeeping The process of recording the sources and amounts of dollars earned and spent.
Revolving Savings Fund A variable expense classification in budgeting into which funds are allocated in an effort to create savings that can be used to balance the budget later so to avoid running out of money.
Short-Term Goals Are financial targets or ends that can be achieved in a year or less.
Subordinate Budget A detailed listing of planned expenses within a single budgeting classification. They help you to control spending within a category more effectively.
Variable Analysis Involves comparing the budgeted and actual amounts in the various budget classifications at the end of each month.
Created by: namarque