Budgeting and saving
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20 terms
Terms | Definitions |
|---|---|
 Budget | An itemized summary of probable expenditures and income for a given period. |
| Deficit | The amount by which expenditures exceed income. |
| Expenditure | An amount of money spent. |
| Fixed expense | An unchanging expenditure. |
| Flexible expense | An expenditure that varies. |
| Landlord | The company or individual that owns an apartment. |
| Lease | A legal document signed by both the tenant and the landlord that contains the terms of the agreement such as the namr=es of the tenant(s) the rent amount and the responsibilities of the landlord and thetenant. |
| Location | The location of your apartment is an important safty consideration and also determines your ease of getting to work buying groceries etc. |
| Notice | An amount of time required in advance if either the landlord or the tenant wishes to discotinue the rental agreement. This courtesy allows both parties time to make other arrangements. |
| Rent | The payment usually monthly that the tenat pays to the landlord |
| Income | Money received |
| savings | money that is not spent |
| surplus | an 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 cost. |
| security deposit | A sum of money usually equal to one month's rent held by the landlord to cover any damage to the apartment caused by a tenant. |
| Tenant | the person renting the apartment |
| term | the length of a rental agreement usually a period of one year. |
| unit | one individual apartment. A large apartment building may contain 20 or more units. |
| utilities | items and services needed to make a house or apartment functional such as hot water electricity natural gas phone service and cable service. |
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