Basic Budgeting Terms

Fill in the blank: _______ is an estimation of income and expenses over a specified period.

• Budget

• Plan

• Forecast

• Schedule

Fill in the blank: _______ is money earned from various sources, such as a job, investments, or side gigs.

• Income

• Expense

• Profit

• Capital

Fill in the blank: _______ are costs incurred for goods, services, or other financial obligations.

• Expenses

• Revenue

• Liabilities

• Assets

Fill in the blank: _______ are consistent expenses that don't change much, like rent or car payments.

• Fixed Expenses

• Variable Expenses

• Discretionary Expenses

• Irregular Expenses

Fill in the blank: _______ are expenses that fluctuate, such as groceries or entertainment.

• Variable Expenses

• Fixed Expenses

• Essential Expenses

• Recurring Expenses

Fill in the blank: _______ is money set aside for future goals, emergencies, or investments.

• Savings

• Investments

• Revenue

• Expenditure

Fill in the blank: _______ is money owed to lenders, including credit cards, vehicle and student loans, or mortgages.

• Debt

• Equity

• Assets

• Revenue

Fill in the blank: _______ is when income exceeds expenses, resulting in extra money.

• Surplus

• Deficit

• Expense

• Deficiency

Fill in the blank: _______ is when expenses exceed income, leading to a shortage of funds.

• Deficit

• Surplus

• Equilibrium

• Profit

Fill in the blank: _______ are money paid to the government based on income, property, or purchases.

• Taxes

• Fees

• Subsidies

• Donations