Personal Finance Study Materials - Finance Basics - Part A

Charitable Donation

generous gift of money or time to a person or organization

Fixed Income

same amount of money earned on a set interval such as monthly or quarterly

Variable Income

amount of money earned is not the same each pay period

Fixed expense

expenses which stay basically the same from month to month, such as housing and transportation.

Variable expense

Discretionary expense

money without a specific purpose left over each month after all bills have been paid

Take-home pay

the amount of income left after taxes and other deductions are taken out of your gross pay

Compulsive behavior

strong, usually irresistible, impulse to perform an act against a person's usual behavior

Impulse

A sudden, involuntary urge to do something

Billing Cycle

schedule of recurrent times in any regular system of preparing or sending bills

For-Profit

(a business or institution) initiated or operated for the purpose of making a profit

Nonprofit

not established for the purpose of making a profit

ATM withdrawals