W!SE Vocab pt 2

A plan for managing income and expenses

• Income

• Budget

• Expenses

• Wants

Earnings or payment received for resources provided such as labor

• Income

• Budget

• Expenses

• Deficit

Costs incurred or the spending of money

• Budget

• Income

• Expenses

• Fixed Expenses

Expenses or amounts you have already committed to spend that generally stay the same from month to month

• Budget

• Income

• Expenses

• Fixed Expenses

Expenses or amounts that you are not committed to spend that generally change from month to month

• Variable expenses

• Deficit

• Discretionary Income

• Disposable Income

The amount by which expenses exceed income or costs exceed revenues

• Variable expenses

• Deficit

• Discretionary Income

• Emergency Fund

The amount of an individual's income that is left for spending, investing or saving after taxes and personal necessities (such as food, shelter, and clothing) have been paid

• Variable expenses

• Deficit

• Discretionary income

• Disposable income

The amount of money that households have available for spending and saving after income taxes have been accounted for.

• Deficit

• Discretionary income

• Disposable income

• Emergency fund

An account that is used to set aside funds to be used in an emergency, such as the loss of a job, an illness or a major expense.

• Variable expenses

• Discretionary income

• Disposable income

• Emergency fund

A desired end toward which efforts are directed.

• Goals

• Short-term goal

• Intermediary goal

• long-term goal