50/30/20 Budget
Terminology Flash Cards 3: Budgeting

Flashcard
•
Business
•
12th Grade
•
Medium
Rochelle White
Used 3+ times
FREE Resource
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31 questions
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1.
FLASHCARD QUESTION
Front
Back
A budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment.
2.
FLASHCARD QUESTION
Front
Budget
Back
A plan of your expected income and how you will use it to meet your expected expenses over a period of time.
3.
FLASHCARD QUESTION
Front
Cash Envelope Budget
Back
A budgeting method where money for monthly spending is taken out in cash and placed in labeled envelopes according to budget categories. Spending occurs only from the corresponding envelopes.
4.
FLASHCARD QUESTION
Front
Cost of Living
Back
The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare; often used when comparing how expensive it is to live in one city versus another.
5.
FLASHCARD QUESTION
Front
Deduction
Back
Any items subtracted from your paycheck, including state and federal income taxes, Social Security, health insurance or 401(k) contributions.
6.
FLASHCARD QUESTION
Front
Deficit
Back
When your expenses exceed your income.
7.
FLASHCARD QUESTION
Front
Down Payment
Back
A portion of the total cost of an item, such as a car or house, that must be paid at the time of purchase. The buyer will often take out a loan to finance the remaining balance.
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