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Consumer Ed > Budgeting > Flashcards

Budgeting Flashcards

1
Q

The Budgeting Process

A
  1. Establish Financial Goals
  2. Track Income (paycheck, allowance) And Expenses (Payment, insurance, mortgage)
  3. Create a budget worksheet
  4. Review and make changes
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2
Q

Gross Income

A

Salary BEFORE deductions

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3
Q

Net Income

A

Salary AFTER deductions (tax, social security, insurance)

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4
Q

Fixed Expense

A

Committed to spend a FIXED amount every month (rent/mortgage, insurance, car payment, student loan)

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5
Q

Flexible / Variable Expense

A

Changing amount to spend every month (utilities, entertainment, clothing)

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6
Q

Luxury Goods

A

Goods with special qualities that make them more expensive (designer products, new car)

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7
Q

Certified Financial Planner (CFP)

A

trained individuals who evaluate your financial status and help reach your goals

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8
Q

Accountant

A

Give advice on investing and taxes, licensed in the state they practice in

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9
Q

Insurance Agent

A

Licensed individuals that help with insurance and investments

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10
Q

Attorney

A

Expensive individuals that help prepare wills, home documents, enforce contracts

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11
Q

Stockbroker

A

Individuals who buys/sells stocks, must be licensed and registered

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12
Q

Tenant

A

Person renting the property

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13
Q

Security deposit

A

Amount of $$$ you pay in case you damage property or didn’t pay (mostly 1 month rent)

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14
Q

Lease

A

Written contract w/ terms and conditions when renting a property

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15
Q

Equity

A

Worth of your house VS. How much you own on your mortgage

(Payment on mortgage increases equity)

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16
Q

Mortgage

A

To pay loans by paying a certain amount per month

17
Q

Appreciation

A

House will increase in value over time

18
Q

Lease

A

Renting a car for 1-3 years, drive less than 12,000 per year, lower monthly payment

19
Q

Down payment

A

Initial amount you have to pay before monthly payment

20
Q

Name of extra person who can pay loans if initial person cannot pay

A

Co Signer

Consumer Ed (4 decks)

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