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Term
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Budgeting and saving
Term | Definition |
---|---|
Budget | An itemized summary of probable expenditures and income for a given period. |
Deficit | The amount by which expenditures exceed income. |
Fixed expense | An unchanging expenditure. |
Flexible expense | An expenditure that varies |
Income | Money received. |
Irregular income | Money received from gifts, odd jobs, and so on. |
Savings | Money that is not spent. |
Surplus | The 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. |