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Budgeting Unit
Budgeting Unit
22
Finance
02/21/2011

Additional Finance Flashcards

 


 

Cards

Term
Budget
Definition
A spending plan for managing money during a given period of time.
Term
Cash Flow
Definition
Movement of money you receive and the money you spend.
Term
Delayed Gratification
Definition
The willingness to give up something you want now in order to get something better in the future.
Term
Expense
Definition
An amount of money spent to buy something or do something.
Term
Financial Planning
Definition
The process of setting spending priorities, defining goals and developing a plan to achieve them, and then putting the plan into action.
Term
Fixed Expenses
Definition
Expenses that cost the same amount every time.
Term
Goal
Definition
A statement of something a person wants or needs to do.
Term
Gross Income
Definition
The total amount of income from wages before any payroll deductions.
Term
Income
Definition
Any money you receive.
Term
Inflation
Definition
A rise in the cost of goods and services.
Term
Medicare Tax
Definition
A payroll deduction collected by employers by law and sent to the federal government to provide medical insurance to the elderly and to some disabled Americans.
Term
Needs
Definition
Things we must have to survive; for example food, clothing, water, shelter, transportation.
Term
Net Income
Definition
Also called "take-home pay"; it's the amount of income left after payrool deductions.
Term
Opportunity Cost
Definition
The value ofwhat is given up when you choose one option over another.
Term
Pay Yourself First (P.Y.F.)
Definition
Taking a certain amount of all money you receive and saving it to be used for spending on longer-term goals.
Term
Periodic or Occasional Expenses
Definition
Expenses that aren't paid every month and can be either fixed or variable.
Term
Satellite Decisions
Definition
Smaller decisions that can result from a major decision.
Term
Social Security Tax
Definition
A payroll deduction collected by employers by law and sent to the federal government to provide a small income and other services to the elderly, disabled Americans, and orphaned minors.
Term
Spending Plan
Definition
Another term for budget.
Term
State Income Tax
Definition
A payroll deduction collected by employers and sent to the state goverment to support state services.
Term
Variable Expenses
Definition
Expenses that are not fixed.
Term
Wants
Definition
Things that make life more interesting and fun but that people can live without if they have to.