FPL VOCAB 06: Spending Plans

Front

Gia and Julia pay a constant monthly internet bill. What type of expense is this?

Back

Fixed

Front

Trevor, Blake, and Ronan share an apartment and manage their fluctuating electricity bill by reducing air conditioning usage. What type of expense is this?

Back

Variable

Front

Owen, Chris, and Ryan are planning a vacation to Hawaii. This is an example of Discretionary Spending because...

Back

They have freedom to choose how to spend this money.

Front

Gaven, Aiden, and Brandon discuss part-time jobs. Gaven mentions a strategy called __-__-__, which means saving 10% of earnings before spending. What does this acronym stand for?

Back

PYF

Front

Budgeting for living expenses after graduation: What percentage of income for essentials?

Back

50%

Front

Kaelan plans to save for emergencies and pay off student debt. What percentage of her income should she allocate?

Back

30%

Front

Reed, Grant, and Liam's budget for dining and entertainment?

Back

20%

Front

Charlie, Allison, and Madi discuss a strategy for earning passive income. What is this called?

Back

Retirement

Front

What is 'Take Home Pay'?

Back

Net Income

Front

Lenci, Marissa, and Julia create a 'Financial Plan'. What does it mean?

Back

A strategy for spending, investing, tax planning, risk management, and insurance to achieve life goals.