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Recordkeeping
Business Math - Chapter 3
Term | Definition |
---|---|
Recordkeeping | A way for you to track items you spend your money on so that you can manage your money. |
Expenditures | Items you spend your money on. |
Budget Sheet | A tool you use to record your expenses, usually on a monthly basis. |
Living Expenses | Expenses that include food, utility bills, and pocket money. |
Fixed Expenses | Expenses that do not vary from one month to the next. |
Budget | A plan for using money in a way that best meets your wants and needs. |
Annual Expenses | Expenses that occur only once a year. |
Expense Summary | A report that compares the amounts that you have spent to the amounts that you have budgeted. |
Emergency Fund | Extra money set aside to be used for unpredictable expenses, such as medical bills and vehicle repairs. |