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| Budget | an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis |
| Gross Pay | the total amount of money an employee receives before taxes and deductions are taken out. |
| Net pay | amount of pay remaining for issuance to an employee after deductions have been taken from the individual's gross pay |
| Income | is the money a person receives due to working or business activities, such as earning a salary, self-employment income, or certain government benefits |
| Fixed expenses | an expense in your budget that you can expect to stay the same, or close to it, over time. |
| Variable expenses | costs that change over time |
| Intermittent expenses | are those that come up unexpectedly and require immediate action |
| Discretionary expenses | a cost that a business or household can survive without, if necessary. |
| Recurring expenses | costs that businesses pay on a regular basis to stay operational. These costs could be monthly, bi-monthly, or annually |
| Whammy | a devastating blow, setback, or catastrophe |
| 50-30-20 budget | a simple budgeting technique that divides after tax income into categories: needs, wants, savings and debt |
| Zero based budget | a method of budgeting in which all expenses must be justified for each new period. |
| Gross Income | is an individual’s total earnings before taxes or other deductions |
| Net Income | is the total amount of income left after expenses and deductions are taken out. |
| Ledger book | record that stores bookkeeping entries. |
| Computer spreadsheet | is a file made of rows and columns that help sort, organize, and arrange data efficiently, and calculate numerical data |
