Personal Finance Basics Flashcards

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Charitable Donation

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Generous gift of money or time to a person or organization

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Fixed Income

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Same amount of money earned on a set interval basis, such as monthly or quarterly

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Variable Income

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Amount of money earned is not the same each pay period

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Fixed Expense

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A bill, such as monthly rent, which is the same each month

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Variable Expense

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A bill, such as a utility bill, which is a different amount each month

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Discretionary Expense

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Money without a specific purpose left over each month after all bills have been paid

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Take-home Pay

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Amount of a paycheck one gets to keep after taxes and other deductions are taken out

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Compulsive Behavior

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Strong, usually irresistible, impulse to perform an act against a person’s usual behavior

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Impulse

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Sudden, involuntary inclination prompting one to take an action which is not well thought-out

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Billing Cycle

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Schedule of recurrent times in any regular system of preparing or sending bills