Ramsey Chapter 2

what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay​​​​​​​

• Net Income

• Gross Income

• Income

• Commission

a written plan for giving, saving, and spending

• Budget

• Cash-Flow Statement

• Zero-Based Budget

• Income

expense that occurs at various times throughout the year and tends to be in large, lump sums​​​​​​​

• Variable Expense

• Intermittent Expense

• Discretionary Expense

• Fixed Expense

a cash-flow plan that assigns an expense to every dollar of your income; the goal is for the total income minus the total expenses to equal zero

• Zero-Based Budget

• Budget

• Cash-Flow Statement

• Net Income

money received for work, as a gift, or through investments

• Income

• Net Income

• Gross Income

• Commission

expense that varies in dollar amount from month to month but that you can expect to have every month​​​​​​​

• Variable Expense

• Discretionary Expense

• Fixed Expense

• Intermittent Expense

the amount you earn before taxes and other payroll deductions

• Gross Income

• Net Income​​​​​​​

• Income

• Irregular Income

a record that summarizes all of the income and outgo (spending) over a certain time period

• Cash-Flow Statement

• Zero-Based Budget

• Budget

• Commission

expense that remains the same from month to month

• Fixed Expense

• Discretionary Expense

• Variable Expense

• Discretionary Expense

income that comes in at different amounts or at different times, or both

• Irregular Income

• Commission

• Income

• Gross Income