Budgeting Flashcards
1
Q
Budget
A
A written cash flow plan
2
Q
Cash Flow Statement
A
A summary that shows total income and spending for a given time period
3
Q
Carbon Check
A
A copy of each check you write
4
Q
Envelope System
A
Series of envelopes that are divided into categories (food, entertainment, gas, etc.) and are used to store cash for planned monthly expenses
5
Q
Impulse Purchase
A
An item that is bought without previous planning or consideration of the long-term effects
6
Q
Overdraft
A
Occurs when money is withdrawn from a bank account and the available balance goes below zero
7
Q
Reconcile
A
To match your bank statement with your checkbook
8
Q
Zero-Based Budget
A
A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero
