The gross amount of a paycheck is used to determine income on a budget.

In a budget, needs are listed as fixed expenses; wants are listed as variable expenses.

Unlike a saving strategy to achieve a goal, a budget is not flexible.

People's values are reflected in how they spend their money.

A budget is balanced when total income equals total expenses.

For the purpose of preparing a budget, income is considered any money you expect to receive.

Saving for emergencies can reduce the impact of a financial setback.

The length of time a budget covers

The type of expenses over which you have the most control

Often called 'take-home pay'

'First-fruits giving' is tithing on this

These expenses remain the same from one budget period to the next

On a budget, this section is shown first

A detailed plan allocating money for specific purposes

Expenses that recur at regular intervals other than the length of the budget period

Why do people often set up their budgets for a period of one month rather than some other length of Time?

Why might income be shown as ‘estimated' on a budget?

Explain how a budget provides 'freedom within safe bounds'. What establishes the boundaries? Freedom to do what? Safety from what?

Explain one belief about tithing within the Christian community. What scripture(s) do people use to support this view?

Explain the concept of PYS (Pay Yourself Second). Why is it called this? Where does it appear in a budget? For what will it be used? Why is it so important?

Explain how you would budget for a quarterly periodic expense?

Explain the 'envelope system' of sticking to your budget.