Budget Vocab Flashcard

Front

Record of income, spending, and money management plan

Back

budget

Front

Money available for non-essential goods/services

Back

Discretionary Income

Front

Expenses that remain constant monthly, like rent or auto insurance.

Back

Fixed Expense

Front

Expenses that vary monthly, like entertainment or repairs.

Back

Variable Expenses

Front

Money spent on goods, services, and bills.

Back

Expenditures

Front

Purchase based on immediate want or advertising pressure

Back

Impulse Buying

Front

Goods/services essential for survival, e.g., water.

Back

Needs

Front

Goods and services that enhance comfort but aren't essential for survival.

Back

Wants

Front

Next best alternative in financial choices

Back

Opportunity cost

Front

Economic condition of limited resources preventing fulfillment of all wants.

Back

Scarcity