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College Prep

memorize.ai (lvl 286)

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17 cards

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Section 1

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Income

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (17)

Section 1

(17 cards)

Income

Front

Money received, especially on a regular basis, for work or through investments.

Back

Budget

Front

An estimate of income and expenditure for a set period of time.

Back

Expenses

Front

The cost required for something; the money spent on something.

Back

Instant Gratification

Front

The desire to experience pleasure or fulfillment without delay or deferment. Basically, it's when you want it; and you want it now.

Back

Variable Expenses

Front

Expenses that can change depending on your use of products or services; they are somewhat unpredictable.

Back

Emergency Fund

Front

An account where you set aside funds to be used for unexpected expenses. It's your "just in case" account.

Back

Pay Yourself First (PYF)

Front

A phrase referring to the idea that investors should routinely and automatically put money into savings before spending on anything else.

Back

Wants

Front

Desire to posses something or wish for, but is not essential.

Back

Needs

Front

Requiring something because it is essential or very important.

Back

Opportunity Costs

Front

The loss of potential gain from other alternatives when one alternative is chosen.

Back

Delayed Gratification

Front

Describes the process that the subject undergoes when the subject resists the temptation of an immediate reward in preference for a later reward.

Back

Spending Plan

Front

Helps outline where income is earned and expenses are incurred.

Back

Fixed Expenses

Front

An expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity.

Back

Periodic Expenses

Front

Costs which occur on an irregular basis.

Back

Values

Front

The ideas and beliefs that are most important or most meaningful to you.

Back

Spending Log

Front

A booklet recording what you've bought and spent.

Back

Cash Flow

Front

The total amount of money being transferred into and out of a business, especially as affecting liquidity.

Back