Unit 1 Vocabulary

Needs

• things you must have, such as food

• things you would like, but can do without

Utilities

• the difference between your income and your total expenses

• services such as electricity, gas, water, and heat

Wants

• things you must have, such as food

• things you would like, but can do without

Expense

• money spent on something you need or want

• money you earn for working, or receive from investments or other sources

Expense Record

• an organized chart used to list things you spent money on for a certain period of time, such as a week or a month

• services such as electricity, gas, water, and heat

Fixed Expenses

• expenses that are the same from week to week or month to month

• expenses that change from week to week or month to month

Variable Expenses

• expenses that are the same from week to week or month to month

• expenses that change from week to week or month to month

Income

• money you earn from working, or receive from investments or other sources

• money spent on something you need or want

Savings

• an organized chart used to list things you spent money on for a certain period of time, such as a week or a month

• the difference between your income and your total expenses