living on a budget
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Created by:
garcijaz004 on April 9, 2012
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22 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 gifts |
| 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 |
| POS | Point of Service |
| Federal Income Tax | levied by the government for federal programs and is deducted from the payroll |
| State Income Tax | levied by the state government for state programs but is present only in some states |
| Checking Account | bank account which allows the holder to write checks and withdraw money against deposited funds |
| Savings Account | bank account which cannot be withdrawn by check; as deposits accumulate, as does interest over time |
| Certificate of Deposit | CD; similar to a savings account in that the holder is paid interest; however, higher interest can be earned by agreeing to leave the money in deposit for a consenting period of time |
| Check | instrument directly connected to the holder's bank account allowing the holder to withdraw against deposits for a specific amount on demand |
| Debit Card | card directly connected to the holder's bank account; allows holder to withdraw against deposits without physically writing checks; in some cases may also be used in place of a credit card |
| ATM Card | card directly connected to the holder's bank account; can be used to make purchases in some instances or at an ATM machine to withdraw money; cannot be used in place of a credit card |
| Bank Statement | periodic record sent to account holders by a bank detailing account activity for a certain period of time |
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