| A | B |
|---|
| Budget | a plan showing how money is to be received and spent. |
| Income | Money earned or received. |
| Expense | Money spent |
| Goals | Things we want to accomplish. |
| Long-term goal | Things we want to accomplish that may take a year or more to reach. |
| Short-term goal | Things we want to accomplish that may take less tim to achieve. |
| Needs | Things you must have. |
| Wants | Things we would like to have. |
| Fixed expense | Money spent that does not change fromone budget period to the next. |
| Variable expense | Money spent that changes from one budget period to the next.,  |
| Cash Record | Form that lists a beginning balance, income, expenses, and the balance ofmoney left to spend. |
| Classified Cash Record | Form similar to a cash record, but includes columns for expense items. |
| Beginning balance | Amount of money you have at the beginning of the time period. |
| Ending Balance | Amount of money you have at the close of a time period. |
| Pencil-footing | Total in pencil at the bottom, or the foot of the column. |
| Proving | Checking the accuracy to provide proof that the numbers are correct. |
| Double Rules | Show that the total has been completed and proved. |
| Statement of Income & expense | Record summarizing information about all the money received and spent during a period of time. |
| Budget Analysis | Record that compares estimated income and expenses with actual income and expenses. |
