Rasmey Ch 2 Vocab

Front

Income

Back

money received for work, as a gift, or from investments

Front

Fixed expense

Back

money spent that STAYS the same from month to month

Front

Variable expense

Back

money spent that CHANGES month to month

Front

Intermittent Expense

Back

money spent on infrequent yearly events (e.g., doctor visits, car purchases).

Front

Discretionary Expense

Back

money spent on luxury items you do not need

Front

Net Income

Back

Amount received AFTER taxes and fees.

Front

Gross Income

Back

The amount of money you receive BEFORE taxes and other fees are taken out.

Front

Zero-based budget

Back

A plan that assigns an expense to every dollar of your income; total income minus total expenses equals zero.

Front

Irregular Income

Back

income that comes in at different amounts or at different times, or both

Front

Commission

Back

earnings based on a percentage of sales