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12 Cards in this Set

  • Front
  • Back
Variable Expenses
Expenses that fluctuate month-to-month over which you have little/no control; examples include medical care, entertainment, utilities, and emergencies
Include taxes, insurance payments, union due, savings, and retirement contributions
Money Management
The process of planning how to get the most out of your money
Money subtracted from a worker's paycheck for taxes; if the worker is self-employed, he pays the government himself
Net Pay
Gross income minus deductions; your "take-home" pay
Budget Variance
The difference between planned/budgeted spending and what you actually spend
Gross Pay
The total amount of money you earn for a specific time
This can protect you from unexpected expenses such as an emergency
Fixed Expenses
Expenses, such as rent, car payments, life and heath insurance premiums; they occur regularly and must be paid regularly( usually monthly)
Expenses which could include clothing, food, concert tickets, a Red Wings Championship hat, gas, and rent; they can be fixed or variable
The actual amount of money you earn/receive during a given period of time(possibly weekly/monthly), which could include allowance, wages, tips, and interest on a savings account
Making this "plan" is crucial part of managing money. When making this "plan", take into consideration price increase in things such as gasoline and food. This "plan" helps you attain some goals. Base your "plan" on less net income than you think you'll receive.