| A | B |
|---|
| budget | A plan of expected income and expenses over a certain period of time. |
| budget variance | The difference between planned spending and actual spending. |
| deductions | Amounts of money taken out of a paycheck for expenses such as taxes, health insurance, retirement, and union dues. |
| expenditures | Items you have to spend money on such as food, rent, and clothing, expenses. |
| fixed expenses | Expenses that occur regularly and must be paid regularly, such as rent and car insurance. |
| gross pay | The total amount of money earned in a specific period of time before deductions. |
| income | The amount of money a person earns or receives during a given period of time. |
| money management | The process of planning how to get the most from your money. |
| net pay | Gross pay minus deductions, also called take-home pay. |
| variable expenses | Expenses that fluctuate and over which you have some control, such as food and entertainment. |
| withholding | Money subtracted from a paycheck for taxes, social security, and other deductions. |
