budget

Created by jesusespinoza 

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22 terms

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bank account which cannot be withdrawn by check; as deposits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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