Shared Flashcard Set

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Your Name Unit 3 Flashcards
Budgeting
20
Other
12th Grade
10/25/2006

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Cards

Term
Taxes used to fund hospital insurance under social security.
Definition
Medicare
Term
Taxes used to support old-age, survivors, and disability insurance.
Definition
Social Security
Term
Gross income minus deductions.
Definition
Net
Term
Any money spent or given away.
Definition
Expenses
Term
A plan for spending and saving money.
Definition
Budgeting
Term
Expenses that change from month to month.
Definition
Variable
Term
Fees used to support government programs.
Definition
Taxes
Term
Money a person receives.
Definition
Income
Term
Sometimes called "cash flow".
Definition
Cash Management
Term
Pay Yourself First is refered to also as?
Definition
PYF
Term
Taxes collected by employers and is paid to state department.
Definition
State
Term
Amounts subtracted from gross income.
Definition
Deductions
Term
Amount of income before deductions.
Definition
Gross
Term
Expenses that stay the same each month.
Definition
Fixed
Term
Taxes paid to the IRS.
Definition
Federal
Term
What are two types of a budget?
Definition
Income and Expenses
Term
True or False: A car payment is a form of a variable expense.
Definition
False
Term
True or False: When costs outweighs it's benefit, it's a good purchase.
Definition
False
Term
True or False: Income and spending should balance each other.
Definition
True
Term
True or False: A payment on a bank loan is an expense.
Definition
True
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