| A | B |
|---|
| Budget | Plan showing how money is to be received and spent |
| Income | Money earned or received |
| Expense | Money spent |
| Values | Things that are important to a person |
| Goals | The things that we want to accomplish |
| Needs | Things you must have |
| Wants | Things that you would like to have |
| Fixed expenses | An expense that does not change from time to time |
| Variable expenses | An expense that changes from one budget period to the next |
| Cash record | A form that lists a beginning balance, income, expenses, and a balance of money left to spend |
| Classified cash record | A form similar to a cash record but it has columns for expense items |
| Beginning balance | Amount of money you have at the beginning of a time period |
| Ending balance | The amount you have at the close of a time period |
| Pencil footing | Process of adding columns of numbers and penciling the total in small numbers at the bottom of each column |
| Proving | Process of checking the accuracy of numbers |
| Double rules | The lines under the numbers to show it has been proved |
| Statement of income and expenses | A record that summarizes information about all the money received and spent during a time period |
| Budget analysis | A record that compares estimated income and expenses with actual income and expenses |
