Chapter 1 & 2

Question 1

Budget

Answer 1

A plan for your money: every dollar that comes in and comes out

Question 2

Net Worth

Answer 2

Subtracting liabilities(debt) from all assets

Question 3

Paycheck to Paycheck

Answer 3

Living each month on your monthly salary

Question 4

Savers

Answer 4

A money personality that likes to save more than spend

Question 5

Short-Term Goal

Answer 5

An achievable goal you set for your money in a short amount of time

Question 6

Budgeting

Answer 6

Managing your money/finances.

Question 7

Income

Answer 7

Money you receive/earn on a regular basis

Question 8

Intermittent expense

Answer 8

Unpredictable expenses that come up

Question 9

Money Personality

Answer 9

Spender or saver

Question 10

Variable expense

Answer 10

expenses that vary monthly like groceries and gas

Question 11

Fixed expense

Answer 11

Necessary expenses that remain fixed from month to month ex. insurance, phone bills, etc.

Question 12

SMART goals

Answer 12

Specific
Measurable
Achievable
Relevant
Time-bound

Question 13

Components of a budget

Answer 13

Income, Giving, Saving, and Spending

Question 14

Four Walls of Budgeting

Answer 14

Food, Utilities, Shelter, and Transportation

Question 15

Net Income

Answer 15

Everything you make after tax

Question 16

Gross Income

Answer 16

All the money you make before tax