Budgeting Basics - Final Exam Review

Front

Which term describes a written plan for giving, saving, and spending?

Back

Budget

Front

What is a record that summarizes all income and spending over a certain period called?

Back

Cash-Flow Statement

Front

What do you call earnings based on a percentage of the sales made?

Back

Commission

Front

Which term refers to an expense that remains the same each month?

Back

Fixed Expense

Front

The amount you earn before taxes and other payroll deductions is known as:

Back

Gross Income

Front

Which of the following expenses occurs at various times throughout the year and is often in large amounts? Fixed Expense, Intermittent Expense, Variable Expense, Discretionary Expense

Back

Intermittent Expense

Front

What is referred to as 'take-home pay' after payroll taxes and other deductions are taken out?

Back

Net Income

Front

Which expense type varies in dollar amount from month to month but occurs regularly?

Back

Variable Expense

Front

Which type of income is received at different amounts or different times?

Back

Irregular Income

Front

What is a cash-flow plan that assigns an expense to every dollar of your income, balancing income and expenses to zero?

Back

Zero-Based Budget