Living on a budget
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12 terms
Terms | Definitions |
|---|---|
 Budget | a written guideline of how to spend your money |
| Priority | the importance of one object over another |
| Plan | to prepare how you will spend your money |
| Record | a list of past expenditures |
| Fixed Income | the amount of money you know you will receive each month such as money made from your job |
| Adjustable Income | the amount of money that comes in the form of seasonal jobs, bonuses, or gift |
| Fixed expenses | "the bills", expenses that can be expected every month such as a mortgage payment, rent, or a loan payment |
| Adjustable Expenses | expenses that fluctuate from month to month such as the amount you spend on groceries, entertainment, or clothing |
| Insurance | contract between two parties that agrees to cover the insured upon the occurrence of a stipulated contingency |
| Indemnity Plan | pays the amount of your bills as specified in a policy |
| HMO | Health Maintenance Organization |
| PPO | Preferred Provider Organization |
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