Consumer economics chapter 2

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11 Terms

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What percentage of Americans actually budget?

35%

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What are the four parts of a budget?

Income, giving, saving, spending

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What are the four types of expenses?

fixed, variable, intermittent, discretionary

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What is a fixed expense?

remains the same each month

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What is a variable expense?

Varies in amount from month to month, but ca be expected each month

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What is an intermittent expense?

expense that occurs at various times throughout the year. These are usually larger.

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What is a discretionary response?

wants, not needs

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zero based

when income minus expenses equals zero

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cash flow statement

summarizes income and spending over a period of time

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commision

earnings based on a percentage of sales made

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