| A | B |
|---|
| budget | A plan for managing your money during a given period of time |
| cash flow | any money coming in or going out |
| gross pay | is the pay earned before all deductions |
| net pay | an employee’s actual take home pay after all deductions |
| fixed expenses | expenses that are usually the same every month |
| variable expenses | expenses that can change from month to month |
| expense | what you spend your money on - your needs and wants |
| pay yourself first | making sure that you put aside at least 10% of your income for savings each month |
| The Envelope System | budgeting by labeling envelopes with expense names and placing the cash money in it |
| The Tally System | keeping track of your spending by saving receipts |
| Checking Account Register | keeping track of income and expenses by recording this information in the chcek book register |
| cash surplus | the difference between the total income minus the total fixed and variable income |
| allocation | what a person decides to to with the money left after paying bills |
| minimum wage | federal regulation that requires all employers to pay employees at least $7.25 per hour |
| 40 hours | a regular work week |
| 8 hours | a regular work day |
| salaried employees | paid a base salary per year |
