Chapter 14 Creating Your Budget Voc

Front

Budget

Back

A detailed estimate of income and expenses over a specific period of time

Front

Budget estimate

Back

A projection of income and expenses

Front

Budget variance

Back

Difference between the amounts in your budget and the actual amounts received as income or spent for expenses

Front

Cash inflow

Back

Money coming in; income

Front

Cash outflow

Back

Money going out, resulting from expenses

Front

Discretionary income

Back

The amount of money left after paying all current necessities, such as rent, food, and clothing

Front

Disposable income

Back

Gross pay minus applicable taxes

Front

Emergency fund

Back

Money set aside specifically for use in difficult situations, such as requiring funds for immediate medical care or the breakdown of a vehicle

Front

Expense

Back

The amount of money you need to pay for or buy something

Front

Fixed expense

Back

Money spent on something that costs the same amount each month, such as rent, cell phone payment, cable bill, car insurance, or a car payment