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PF Chap 2 Voc
| Term | Definition |
|---|---|
| Budget | a written plan for giving saving, and spending |
| Income | money received for work, as a gift, or through investments |
| Fixed Expense | expense that remains the same from month to month (rent) |
| Variable Expense | expense that varies in dollar amount from month to month but that you can expect to have every month (groceries, gas) |
| Intermittent Expense | expense that occurs at various times throughout the year and tends to be in large, lump sums (Christmas, yearbook) |
| Discretionary (Nonessential Expense) | expense for things you don't need (restaurants, Amazon sub) |
| Zero-Based Budget | a cash-flow plan that assigns an expense to every dollar of your income; the goal is for the total income minus the total expense to equal zero |
| Net Income | what a person earns after payroll taxes and other deductions are take out; often referred to as take-home pay |
| Gross Income | the amount you earn before taxes and other payroll deductions |
| The Fifth Foundation | Build wealth and give |
| Cash-Flow Statement | a record that summarizes all of the income and outgo (spending) over a certain time period |
| Irregular Income | income that comes in at different amounts or at different times; or both |
| Commission | earnings based on a percentage of sales made |
Created by:
annetteogden