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budget

STUDY
PLAY
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bank account which cannot be withdrawn by check; as deposits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