An itemized summary of probable expenditures and income for a given period.
Deficit?
The amount by which expenditures exceed income.
Expenditure?
An amount of money spent.
Fixed Expense?
An unchanging expenditure.
Flexible Expense?
An expenditure that varies.
Income?
Money received.
Irregular Income?
Money received from gifts, odd jobs, and so on.
Savings?
Money that is not spent.
Surplus?
The amount of money remaining after all expenses have been met.
Take-Home Pay?
Money received after all adjustments and deductions are made.
Unexpected expense?
An unforeseen cost.
Landlord?
The company or individual who owns an apartment.
Lease?
A legal document signed by both the tenant and the landlord that contains the terms of the agreement, such as the names of the tenant(s), the rent amount, and the responsibilities of the landlord and the tenant.
Location?
The location of your apartment is an important safety consideration and also determines your ease of getting to work, buying groceries, and so on.
Notice?
The amount of time required in advance if either the landlord or the tenant wishes to discontinue the rental agreement. This courtesy allows both parties time to make other arrangements
Rent?
The payment, usually monthly, that the tenant pays to the landlord.
Security Deposit?
A sum of money, usually equal to one month’s rent, held by the landlord to cover any damage to the apartment caused by a tenant.
Tenant?
The person renting the apartment.
Term?
The length of a rental agreement, usually a period of one year.
Unit?
One individual apartment. A large apartment building may contain 20 or more units.
Utilities?
Services needed to make a house or apartment functional, such as hot water, electricity, natural gas, and cable and Internet service.
