1
Net Income
Also known as disposable income. Income that remains after all taxes have been deducted. The money you have available to spend.
2
Mean
The average of a set of data.
3
Median
The middle value of the data.
4
Mode
The data value that occurs the most.
5
Essential Expense
An expense that cannot be eliminated from day-to-day life.
6
Discretionary Expense
An expense that is considered non essential
7
Outlier
A value in the data set that is extremely different from the other values.
8
Skewed Data Set
Caused by an outlier. The mean of the data is not equal to the median. The median is not as affected by the impact of outliers.
9
Bimodal
When a data set has 2 modes.
10
Gross Income
Income before all taxes are deducted.