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20 Cards in this Set

  • Front
  • Back
money management
day-to-day financial activities necessary to manage current perosonal economic resources while working toward long-term financial security
safe deposit box
a priate storage area at a financial institution with maxiumum security for valuables
balance sheet
a financial statement that reports what an individual or a family owns and owes; also called a net worth statement
assets
cash and other property with a monetary value
liquid assets
cash and items of value that can easily be converted to cash
liabilities
amounts owed to others
current liabilities
debts that must be paid within a short time, usually less than a year
long-term liabilities
debts that are not required to be pain in full until more than a year from now
net worth
the difference between total assets and total liabilities
insolvency
the inability to pay debts when they are due because liabilities far exceed the value of assets
cash flow
the actual inflow and outflow of cash during a given time period
cash flow statement
a financial statement that summarizes cash receipts and payments for a given period
income
inflows of cash to an individual or a household
take-home pay
earnings after deductions for taxes and other items; also called disposable income
discretionary income
money left over after paying for housing, food and other necessities
budget
a specific plan for spending income
creating and implementing a budget
1. assesing your current situation
2. planning your financial direction
3. implementing your budget
4. evaluating your budgeting program
budget variance
the difference between the amount budgeted and the actual amount received or spent
deficit
the amount by which actual spending exceeds planned spending
surplus
the amount by which actual spending is less than planned spending