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Name: ________________________________________________ NB: #4 Basics to Budgeting A budget is also called a _________________________________ A budget has many positive uses including: -Shows a person ______________________________ -Helps person ______________________________ and make ends meet -Helps a person to meet financial goals -_____________________________________________ _______________: Money earned _______________: Money spent _______________________: expenses are relatively ________________________ Examples: _____________________________________________ _______________________: expenses that are ___________________________ or can be changed in short-term Examples: ______________________________________________ _______________________: A person has _______________________________ during the budget time period _______________________: A person has _______________________________ during the budget time period…remaining amount can go toward _______________________ _________________: money to do with as you wish after taxes, SS, and other items have been taken out of gross pay _______________: total pay for the pay period before deductions, reductions and taxes have been subtracted. _______________: take-home pay after reductions, taxes and deduction have been subtracted from your gross pay. This is the amount deposited into your account. Looking Into Wealth Describe what you believe is the difference between Income and Wealth: Describe how people who make $10-20,000 in income more than another person have less wealth: Understanding your assets ________________: the __________________________________________ o A high income does not make a person wealthy. Wealth is increased as the value of ___________________________________. o ________________ to net worth and wealth. o _________________ net worth and wealth. ________________________: ______________________________________ ________________________: ______________________________________ o Income is not an asset. o Income allows a person to ________________