Budgeting Vocabulary

Front

What is the process of using a financial plan to control your money?

Back

Money management

Front

What is something you identify and work on to achieve?

Back

Goal

Front

What is something owed to another-- an obligation to pay?

Back

Debt

Front

What do you call it when you put money in the bank?

Back

Deposit

Front

What is a spending plan for managing money during a given period of time?

Back

Budget

Front

What are the necessary items that you must have to live?

Back

Needs

Front

What are the items that you desire but do not need for survival?

Back

Wants

Front

What is the total amount of money earned before any deductions?

Back

Gross income

Front

What is the amount of money you take home after taxes and deductions?

Back

Net income

Front

What is a fixed expense?

Back

An expense that does not change from month to month, such as rent or mortgage.