WorksheetsCh 2 Vocab - Budgeting Basics
Total questions: 12
Worksheet time: 3hrs 0mins
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
Expense that occurs at various times throughout the year and tends to be in large, lump sums.
Intermittent Expense
Fixed Expense
Variable Expense
Discretionary Expense
The amount you earn before taxes and other payroll deductions.
Variable Expense
Gross Income
Net Income
Irregular Income
