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Occurs when money is withdrawn from a bank account and the available balance goes below zero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