Period 3-Quiz-Unit 5-Planning and Budgeting

Portion of income not spent on consumption

The process of setting money aside to increase wealth over time for long-term financial goals such as retirement

engaging in risky business transactions on the chance of a quick or considerable profit

When a person faces potential destruction in their future life savings by spending more than earning

expenses which stay basically the same from month to month, such as housing and transportation.

An expense that changes from period to period, such as food or gasoline costs.

money received for work or through investments.

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

A general and progressive increase in prices

This refers to what a person's life situation is right now. For example, job loss, education level, fluctuating income.

an economy made up of freelancers and contingent workers who piece together projects and jobs to earn the revenue they need to live the life they desire

A savings account that is set aside to be used only for emergency expenses

Concept of saving for the future by putting money aside before paying regular monthly bills.

A form of self-employment focused on short-term jobs

a worker who is hired to perform a job