Shared Flashcard Set

Details

Wayne's Unit 3 flash cards
Budgeting
19
Other
12th Grade
10/24/2006

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Cards

Term
What is a budget?
Definition
A plan for spending and saving money.
Term
What is gross income?
Definition
The amount of income before deductions.
Term
This is also referred to as "cash flow."
Definition
Cash Management
Term
What does P.Y.F stand for?
Definition
Pay yourself first.
Term
What are two parts of a budget?
Definition
Income and Expenses
Term
What is the difference between fixed expenses and variable expenses?
Definition
Fixed expenses have a set dollar amount and variable expenses can change.
Term
What are expenses?
Definition
The money you spend on your needs and wants.
Term
A tax used to fund hospitl insurance.
Definition
Medicare taxes
Term
A tax used to provide support to old age, survivors, and disability.
Definition
Social Security tax
Term
A tax collected by an employer and paid to the state.
Definition
State income taxes
Term
Fees used to support government programs.
Definition
Taxes
Term
Deductions taken from gross income.
Definition
Payroll deductions
Term
What is income?
Definition
Any money coming in.
Term
An account you have used to minimize the amount of cash you carry.
Definition
Checking account
Term
What are two examples of income?
Definition
A job and allowance.
Term
What does ATM stand for?
Definition
Automated teller machine
Term
What is a Quick Check account?
Definition
A debit card linked to your checking account.
Term
What are minimum balances?
Definition
Some accounts say that there is a minimum required amount allowed in your bank.
Term
What is an annual monthly fee?
Definition
Some accounts that may charge you just for having the account.
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