Terminology Flash Cards 3: Budgeting

Terminology Flash Cards 3: Budgeting

Assessment

Flashcard

Business

12th Grade

Medium

Created by

Rochelle White

Used 3+ times

FREE Resource

Student preview

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31 questions

Show all answers

1.

FLASHCARD QUESTION

Front

50/30/20 Budget

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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