Understanding Budgeting and Financial Terms

Front

Cash Envelope Budget is a method of budgeting where:

Back

You allocate specific amounts of cash to different spending categories.

Front

The purpose of a Zero-Based Budget is to:

Back

start from a 'zero base' and justify every expense

Front

Fill in the blank: A wage is an hourly payment for ______.

Back

work

Front

What is a salary?

Back

A form of payment from an employer to an employee

Front

Who is a freelancer?

Back

A person who works independently, offering services to multiple clients.

Front

The Gig Economy is:

Back

a labor market characterized by short-term contracts or freelance work

Front

Define Gross Pay.

Back

Gross Pay is the total amount of money earned before any deductions.

Front

A Fixed Expense is:

Back

a cost that does not change from month to month

Front

Variable Expense refers to fluctuating costs like ______.

Back

entertainment costs

Front

What are Wants in managing expenses?

Back

Non-essential desires or luxuries