Financial Literacy Terms

Front

Want

Back

Something you have a desire to possess or do.

Front

Need

Back

Something that you can’t live without.

Front

Budget

Back

An estimate of income (revenue) and expenses for a set period of time, such as one month.

Front

Revenue

Back

Total amount of income.

Front

Balanced budget

Back

When revenues equal expenditures.

Front

Spreadsheet

Back

Software to make large amounts of data easier to view, manage, and analyse.

Front

50/30/20 budget

Back

A budgeting guideline that suggests allocating 50% of your income to needs, 30% to wants, and 20% to savings.

Front

Gross pay

Back

Wages before you subtract taxes and deductions.

Front

Net pay

Back

The amount of money you receive after taxes and deductions have been taken out.

Front

Take home pay

Back

Another name for net pay.