Income and Expenses Flashcard

Front

A________ is a plan for your money made up of income and expenses.

Back

Budget

Front

__________ is the money you earning/make like the money you get from your allowance, for your birthday from your parents, or a job.

Back

Income

Front

An _________ is the money your spending, that includes everything you buy such as food, concert tickets or a pack of gum.

Back

Expense

Front

A ___________ is a fixed payment, usually paid on a weekly, or bi-weekly basis, that doesn’t vary no matter how little or much you work.

Back

Salary

Front

______________ are expenses that you can control how much you spend. These expenses can include going out to dinner or going to a movie with friends.

Back

Discretionary Expenses

Front

_____________ is the money you save in account, or in a shoebox, for an emergency, college, or to buy a specific item.

Back

Savings

Front

__________________ like your rent, occur regularly and the amount doesn’t change from month-to-month.

Back

Fixed Cost

Front

Unlike Discretionary expenses, ____________ are expenses from spending on things you have some control over, like how much money you spend on clothes or food. You have to buy these things but the amount you pay can go up or down.

Back

Variable Expenses

Front

______________________ is the act of giving some of your money toward donations and charity.

Back

Charitable Giving

Front

_____________________ is the money you pay to the state or federal government when you buy something (from a store or business).

Back

Taxes