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Cassondra's Unit 3 Flashcards
Budgeting
20
Other
12th Grade
10/24/2006

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Cards

Term
What is a budget?
Definition
A budget is a plan for managing money during a given period of time.
Term
What is income?
Definition
An income is any money coming in.
Term
What is gross income?
Definition
Gross income is the total amount of income before payroll deductions.
Term
What are payroll deductions?
Definition
Payroll deductions are the amounts subtracted from gross income.
Term
What are taxes?
Definition
Taxes are fees placed on income, property, or goods to support government programs.
Term
What is federal income tax?
Definition
Federal income tax is a fee for the support of federal government programs, collected each pay period, mostly goes to IRS.
Term
What is state income tax?
Definition
State income tax is a fee collected by your employer and paid to the state revenue department to support state programs.
Term
What is social security tax?
Definition
Social security tax is collected from most employees to fund this federal program, which provides old age, survivors, and disability insurance.
Term
What is medicare taxes?
Definition
Medicare taxes are also collected from most employees to fund the hospital insurance under this system.
Term
What is net income?
Definition
Net income is your take home pay, subtracting deductions from your paycheck leaves you with this.
Term
What are expenses?
Definition
Expenses are any money going out.
Term
What are fixed expenses?
Definition
Fixed expenses have fixed dollar amounts and are the exact amount every time.
Term
What are variable expenses?
Definition
Variable expenses can change, which means you usually have more control over them.
Term
What is cash management?
Definition
Cash management is how you handle money coming in and money going out.
Term
What does p.y.f. stand for?
Definition
P.Y.F. stands for pay yourself first.
Term
What is a cost/benefit analysis?
Definition
A cost/benefit analysis is choosing between alternatives to make the best choice. Decide what your wants and needs are and think about whether or not the service or product you want to buy meets your wants and needs.
Term
What is the three steps to the envelope system?
Definition
1) Label an envelope for each spending category of your budget. 2) Place the planned amount of money needed in the envelope each pay period. 3) When you get ready to spend money in that category, take the money out of the envelope.
Term
What is a checking account?
Definition
A checking account is used to hold cash and you can write checks for regularly occuring bills.
Term
What is an ATM?
Definition
An ATM is an automated teller machine, you can take money out of your account by using a pin number.
Term
What is a quick check account?
Definition
A quick check account is linked to a debit card that is linked to your chgecking account, used to hold cash.
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