| A | B |
|---|
| Gross Pay | The total you earn before any deductions are subtracted. |
| Benefits | Forms of employee compensation in addition to pay. |
| Assets | Things of value that a person owns. |
| Liabilities | Amounts of money owed to others. |
| Financial Plan | A set of goals for spending, saving and investing the money you earn. |
| Deductions | Amounts subtracted from gross pay to arrive at take-home pay. |
| Net Worth | The difference between assets and liabilities. |
| Budget | A spending and saving plan based on your expected income and expenses. |
| Saving | Setting aside money owed to others. |
| Net Pay | Amount left after all deductions have been taken out of gross pay. |
| Disposable Income | The amount of money households have available after deductions and other expenses have been paid. |
| Fixed Expenses | Costs that you are obligated to pay at specific times, regardless of other events. |
| Scarcity | An economic problem in which consumers' wants are unlimited, but resources for producing the products to satisfy wants are limited. |
| Variable Expenses | Costs that vary in amount and type, depending on events and the choices you make. |
