Stats

A Budget is

a limit one sets economically

Gross Pay is

the salaray one earns without taxes and other deductions

Net pay is

the salary one earns with taxes and other deductions

50-30-20 strategy is

50% of one's income is allocated towards needs, 30% towards wants, and 20% towards savings.

Zero Based Budget strategy is

ensuring every dollar made is spent; end up with $0.

Pay yourself first strategy is

depositing a percentage of your paycheck into savings

Needs are

necessities ; food, electricity, rent.

If you make more than you spend, you have a

Budget Surplus

If you spend more than you make, you have a

Budget deficit.

Wants are

not necessities ; entertainment , eating out, toys.

An expense that can change month to month is

A variable expense

An expense that remains the same is

A Fixed Expense

Comparing ___ helps you find the best deal

unit prices

Envelope budgeting

is putting money in an envelope to ensure no unnecessary money is spent

Housing is the biggest expense for mst American households

true

Entertainment is one of the biggest expenses for most American households

false