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12 Cards in this Set
- Front
- Back
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Variable Expenses
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Expenses that fluctuate month-to-month over which you have little/no control; examples include medical care, entertainment, utilities, and emergencies
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Deductions
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Include taxes, insurance payments, union due, savings, and retirement contributions
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Money Management
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The process of planning how to get the most out of your money
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Withholding
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Money subtracted from a worker's paycheck for taxes; if the worker is self-employed, he pays the government himself
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Net Pay
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Gross income minus deductions; your "take-home" pay
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Budget Variance
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The difference between planned/budgeted spending and what you actually spend
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Gross Pay
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The total amount of money you earn for a specific time
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Savings
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This can protect you from unexpected expenses such as an emergency
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Fixed Expenses
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Expenses, such as rent, car payments, life and heath insurance premiums; they occur regularly and must be paid regularly( usually monthly)
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Expenditures
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Expenses which could include clothing, food, concert tickets, a Red Wings Championship hat, gas, and rent; they can be fixed or variable
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Income
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The actual amount of money you earn/receive during a given period of time(possibly weekly/monthly), which could include allowance, wages, tips, and interest on a savings account
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Budget
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Making this "plan" is crucial part of managing money. When making this "plan", take into consideration price increase in things such as gasoline and food. This "plan" helps you attain some goals. Base your "plan" on less net income than you think you'll receive.
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