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An income and expense statement sometimes referred to as a budget which records
both planned and actual income and expenses over a period of time
Fixed Expense Payments that remain constant month to month Flexible Expense Payments that vary from month to month Income Money received Irregular Income Money received from gifts, odd jobs, and so on Savings Money that is not spent
Choose an answer 1 Fixed Expense 2 Check Register System 3 Spending Plan 4 Savings Don't know?
Surplus The amount of money remaining after all expenses have been met Take Home Pay Money received after all adjustments and deductions are made Unexpected expense An unforeseen costs Financial Planning a process used to achieve financial success based upon the development andimplementation of financial goals and planning
Spending Plan An income and expense statement sometimes referred to as a budget whichrecords both planned and actual income and expenses over a period of time
Net Gain there is remailing money to either save, spend, or invest Net Loss when an individual is spending more money than he or she is earning and has touse credit (borrowed money) to meet financial obligations
Envelope System Individuals place the actual budget amount of cash from a paycheck into aspecific envelope for the expense
Check Register System helps consumers track all expenditures in a checkbook register which has beendivided into spending plan categories
Electronic Spending Plan Systems software for consumers to use to help keep track of their financial records Assets Everything a person owns with monetary value Net Worth Statement Describes an individual or family's overall financial condition on a specified date Liabilities Debts or what is owed to others Net Worth the amount of money left when liabilities are subtracted from assets (indicateswealth)
