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flash cards unit three
budgeting
20
Other
12th Grade
10/24/2006

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Cards

Term
What are some ways to stretch your dollars ?
Definition
Good Deals
E bay
Wholesale clubs
ect.
Term
what is a Budget
Definition
a plan for managing money during a given period of time
Term
define : PYF
Definition
( Pay yourself first )

Means to put money to save aside for yourself before doing anything
Term
Define : Income
Definition
Any money a person recieves
Term
What is Gross income minus deductions ?
Definition
Net income
Term
What is gross income ?
Definition
The amount of income you recieve before deductions
Term
Social Security
Definition
Tax to support old age survivors and disability insurance
Term
A tax collected by the employer and paid to the state revenue department
Definition
State Taxes
Term
Define Taxes
Definition
Fees used to support government programs
Term
Define Taxes
Definition
Fees used to support government programs
Term
taxes paid to IRS
Definition
Federal Taxes
Term
expenses that have a set dollar amount each month
Definition
Fixed expenses
Term
Expenses that change from month to month
Definition
variable expenses
Term
expenses
Definition
any money spent or given away
Term
Define medicare
Definition
tax used to support hospital insurance
Term
What are the two parts of a budget
Definition
1. expenses
2. Income
Term
What is the purpose of a budget ?
Definition
To plan and save money so you dont end up in debt
Term
What are ways to find out if your getting the best deal ?
Definition
ask people
shop around
read reviews
Term
what is an ATM
Definition
a machine you can get cash from by taking out of your checking account using a pin number
Term
define overdraft protection
Definition
a short term loan from the bank to cover the amount in which you wrote the bad check for
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