Budgeting-Vocabulary Flashcard

Front

What is an Expenditure?

Back

An amount of money spent

Front

What are monthly living expenses?

Back

Expenses that vary from month to month

Front

Which of the following is an example of a fixed expense? Food, Utility bills, Rent, Transportation costs

Back

Rent

Front

What is a need?

Back

An essential for daily life

Front

What is a want?

Back

A nice-to-have item

Front

What are annual expenses?

Back

Expenses paid once a year

Front

What is the formula for balance?

Back

Net Income - Total Monthly Expenses

Tags

CCSS.HSA.SSE.A.1

Front

What is an expense summary?

Back

A summary sheet comparing budgeted and spent amounts

Front

How is average monthly expenditure calculated?

Back

Sum of Monthly Expenditures ÷ Number of Months

Front

Which of the following is NOT a monthly living expense? Food, Utility bills, Life insurance, Transportation costs

Back

Life insurance