Ch 2 Vocab - Budgeting Basics

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

• Irregular Income

• Intermittent expense

• budget

• cash-flow statement

Definition: earnings based on a percentage of the sales made

• irregular income

• income

• commission

• budget

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

• Irregular Income

• net Income

• variable expense

• gross Income

Definition: expense that varies in dollar amount from month to month, but that you can expect to have every month

• Intermittent expense

• Variable expense

• Fixed expense

• Discretionary expense

Definition: expense for things you don't need

• Variable expense

• Discretionary expense

• Intermittent expense

• Fixed expense

Definition: a written plan for giving, saving, and spending

• Income

• Commission

• Gross income

• Budget

A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero.

• zero-based budget

• net income

• irregular income

• variable expense

Expense that remains the same from month to month.

• discretionary expense

• variable expense

• intermittent expense

• fixed expense

Money received for work, as a gift, or through investments.

• income

• budget

• tastes

• profit

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

• Irregular Income

• Gross Profit

• Net Income

• Gross Income