Chapter 7 ECON

The total amount of money that is earned

• Gross Income

• Fixed Expense

• Net Income

• Mortgage

an expense that does not change from month to month

• Fixed Expense

• Variable Expense

• Net Income

• Loan

a loan to buy a house

• Principal

• Budget

• Mortgage

• Variable Expense

the amount of money a person actually takes home after taxes and other expenses are subtracted from gross income

• Budget

• Loan

• Net Income

• Principal

an expense a person must pay each month, but its amount might change

• Mortgage

• Variable Expense

• Loan

• Budget

money borrowed from a bank

• Fixed Expense

• Mortgage

• Loan

• Gross Income

An amount of money borrowed when someone takes out a loan.

• Mortgage

• Principal

• Variable Expense

• Loan

An estimate of income and expenditure for a period of time.

• Principal

• Budget

• Mortgage

• Variable Expense

What is an example of a Fixed Expense

• Grocery Bill

• Rent

• Gas

• Dining out

What is an example of a variable expense

• Groceries

• Mortgage

• Rent

• Cell Phone Bill