Budget Review!

The process on planning how to get the most from your income

• Money Management

• Budgeting

• Expenditures

• Income

Plan for using your income in a way that best meets your wants and needs.

• Money Management

• Budgeting

• Expenditures

• Income

The total amount of money you earned for a specific time before deductions.

• Gross Pay

• Expenditures

• Money Management

• Budgeting

Setting financial goals requires me to think about my needs and wants in both the near term and the future.

• True

• False

Amounts that are taken out of your pay before you receive your paycheck (taxes, health insurance, retirement, union dues)

• Gross Pay

• Income

• Budgeting

• Deductions

Gross pay minus deductions

• Net pay

• Money Management

• Expenditures

• Budgeting

Items you have to spend money on, including food, transportation, and housing.

• Income

• Money Management

• Expenditures

• Net pay

Expenses that occur regularly and are regularly paid.

• Fixed Expenses

• Variable Expenses

• Net Pay

• Deductions

Expenses that fluctuate

• Fixed Expenses

• Variable Expenses

• Net Pay

• Budget Variance

Some examples of income are: earnings from your job, interest earned on investments and monetary gifts.

• True

• False