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20 Cards in this Set

  • Front
  • Back
Assets
Anything of value owned by a person or business.
Balanced Budget
Money coming in is equal to money going out.
Budget
A spending plan and a list of spendable funds.
Deficit
Spending more than you have from income.
Discretionary Spending
The spender has a choice, they don't have to spend money.
Disposable Income
Amount left after deductions (e.g. taxes)have been taken from your gross pay. Also known as Net Income.
Emergency Funds
Money set aside or budgeted for unanticipated but necessary expenditures.
Fixed Expenses
Expenses that do not generally change from month to month.
Goals
Any future plans or objectives that require specific financing.
Investment
Property or another possession acquired for future financial benefit.
Liability
Financial obligation or debt for which a person is responsible.
Nondiscretionary Spending
No choice, spender must pay (e.g. income tax).
Needs
Goods and services an individual must have to survive.
Net Worth
Total assets minus total liabilities.
Opportunity Cost
The cost of passing up the next best alternative.
Occasional Expense/Periodic Expense
Expenditure of money that does not occur on a regular basis.
Scarcity
Limited resources and unlimited wants.
Surplus
The amount that income exceeds expenditure.
Trade-offs
Giving up one want in order to satisfy another.
Variable Expenses
Expenses that vary from month to month (e.g. food, clothes).