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Wise 41-60

epf terms

TermDefinition
United States Treasury Dept. The government department responsible for managing federal finances, collecting taxes, and producing currency.
Upward mobility The ability of individuals or families to improve their economic status.
Windfall income Unexpected income received, often in large amounts, such as lottery winnings or inheritance.
Wages Payments made to workers for their labor, typically calculated on an hourly, daily, or piecework basis.
Budgeting The process of creating a plan to manage income and expenses.
Balanced budget A budget in which total revenues equal total expenditures.
Budget A financial plan that outlines expected income and expenses over a specific period.
Deficit The amount by which expenses exceed revenues in a budget.
Discretionary income Income available for spending after necessary expenses have been paid.
Disposable income The amount of money that households have available for spending and saving after income taxes have been accounted for.
Emergency Fund Savings set aside for unexpected expenses or financial emergencies.
Fixed expense A cost that does not change regardless of the level of goods or services produced.
Short term goal A financial objective that can be achieved in a short period, typically within a year.
Intermediary goal A financial objective that falls between short-term and long-term goals.
Long-term goal A financial objective that is set to be achieved over a longer period, typically several years.
Needs Basic requirements for living, such as food, shelter, and clothing.
Opportunity costs The potential benefits lost when one alternative is chosen over another.
Pay yourself first (the rule) A personal finance strategy that prioritizes saving before spending on other expenses.
Personal income The total earnings received by an individual from all sources.
Spending plan A strategy for managing income and expenses to achieve financial goals
Created by: moonpool13
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