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Budget Vocab

TermDefinition
Zero-based budget a type of budgeting which requires each cost element to be specifically justified. At the end, the budget allowance is zero
Fixed Expenses expenses that stay the same over time
Variable Expenses costs are costs that change as the quantity of the good or service that a business produces changes
Income The flow of cash or cash-equivalents received from work (wage or salary), capital (interest or profit), or land (rent)
Need things that are needed for survival
Want a desire that is not required
Disposable Income Gross income of an individual or firm from which direct taxes have been deducted along with other expenses
Financial Plan Budget or investment strategy that helps an individual take the necessary steps to achieve his/her financial goals
Assets Something valuable that an entity owns, benefits from, or has use of, in generating income
Liabilities a thing for which someone is responsible, especially a debt or financial obligation
Net Worth the value of all the non-financial and financial assets owned by an institutional unit or sector minus the value of all its outstanding liabilities
Capital Wealth in the form of money or assets, taken as a sign of the financial strength of an individual, organization, or nation, and assumed to be available for development or investment
Surplus Extent to which generation of goods, services, and resources (such as capital) exceeds their consumption
Budget An estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals
Created by: justinw2211
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