chapter 2 review
Has zero based budget helps you be intentional with paying your bills and planning for spending and it helps you reach your blank blank
Financial goals
If you approach money with a generous spirit, you'll be
More grateful
A budget is never going to be blank process
Perfect
You'll be inclined to budget one way or another way based on your money blank
Personality
keeping track of your expense will help you blank your budget
adjust
What's it called when you make money on the percentage of the total sales you make?
b. commision
The first component of a budget is blank
income
Your biggest wealth building tool is your blank and the best way to make the most of your income is to create and stick to a monthly budget
income
what's your biggest wealth-building tool?
income
to budget with a blank blank, prioritize expenses from most to least important so you're most important expenses are covered first
irregular income
income:
money received for work, as a gift, or through investments
You need to do a budget every single blank
month
Taxes and withholdings impact your blank blank, which is the amount of money you take home on your paycheck
net income
What a person earns after payroll taxes, and other deductions are taken out of referred to as a take-home pay
net income
budget:
A written plan for giving saving and spending
The second component is
giving
The best kind of budget is a blank budget
zero based
Only blank percent of people do a budget every month
35
nearly blank percent of students who complete a personal finance course create a monthly budget for their money
80%
A blank blank stays the same from month-to-month
Fixed expense
Prioritize, your plank, blank, shelter, utilities, transportation, and food
Four walls
cash flow statement
a record that summarizes all of the income and outgo (spending) over a certain time period
specific categories are important to consider when creating a budget so you can...
break down your income and spending.
when you use blank, you end up spending less
cash
The way you break up your blank is up to you
categories
Make sure you have a miscellaneous blank
category
A zero base budget does not mean zero dollars in your blank account
checking
which of the following is not a type of discretionary expense?
depreciation
Every month is going to be blank
different
The first month you do your budget will be a blank and that's OK
disaster
A blank blank needs to be evaluated in light of your other other expenses for the month
discretionary expense
commission
earnings based on a percentage of the sales made
One of the best ways to track your expenses is the blank system
envelope
discretionary(non-essential) expense
expense for things you don't need
Intermittent Expense:
expense that occurs at various times throughout the year and tends to be in large, lump sums
When budgeting becomes a habit in your life, it will become easier and blank
faster
money blank in two ways in and out
flows
The envelope system is especially helpful for expenses like...
food, gas, entertainment, and shopping
your budget gives you blank to spend
freedom
Ask a parent or find a blank to help you keep your accountability
friend
A budget doesn't tell you not to spend a budget actually...
gives you freedom to spend
When you're creating your monthly budget, what's the first priority under "Expenses"?
giving
The three priorities in your budget, after listing income are...
giving, saving, and spending
be blank with yourself about your spender or saver tendencies
honest
95% of people agree that budgeting is
important
irregular income
income that comes in at different amounts or at different times, or both
A budget is a blank for your money
plan
don't underestimate the emotional blank you get when you're using cash
punch
The third component is blank
saving
Blank your budget with someone you trust
share
The fourth component is blank
spending
money flows out through giving, saving and blank
spending
what will tracking expenses help you do?
stick to a budget, catch errors, make adjustments
gross income
the amount you earn before taxes and other payroll deductions
Give your budget blank months to start working
three
After you make a budget, you need to blank every expense
track
The cost of groceries and gas is considered a blank blank
variable expense
Use a budgeting app that works for blank
you
what is a zero based budget and what does it do?
your income minus your expenses should equal zero. You're giving every dollar a job to do. It helps you plan your spending for the months before the month begins.
Zero base budget is when your income minus you're giving saving and spending equals blank
zero
A blank blank blank should account for fixed, variable, intermittent and discretionary expenses based on income
zero-based budget
