Unit 3 Budgeting Vocabulary

A breakdown of your income and expenses for a set period of time

• Budgeting

• Needs

• Income

• Bills

An amount of money owed for goods or services

• Bill

• Coupons

• Allowance

• Deduction

Things you have to have; these are essential

• Needs

• Wants

• Gross Pay

• Expenses

Things you would like to have; they are not absolutely necessary, but they would be nice to have

• Wants

• Needs

• Net Pay

• Bills

Money received on a regular basis

• Income

• Expenses

• 50/30/20 Rule

• Budget

The cost required to pay for something

• Expenses

• Savings

• Income Taxes

• Allowance

Putting aside money for the future

• Savings

• Gross Pay

• Wants

• Pay Stub

The amount of money you receive in your paycheck before any deductions or taxes are taken out.

• Gross Pay

• Net Pay

• Pay Stub

• Budget

The amount of money you receive in your paycheck after any deductions or taxes are taken out; take home pay

• Net Pay

• Gross Pay

• Income Tax

• Pay Yourself First

A document that is given to a worker with each paycheck and that shows the amount of money earned and the amount that was removed for taxes

• Pay Stub

• Income

• Needs

• Bills