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20 Cards in this Set
- Front
- Back
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Money Management
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Planning how to get the most from your money
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Safe-deposit box
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a small, secure storage compartment that you can rent in a bank, usually for $100 for a year or less
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Personal financial statement
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a document that provides information about an individuals current financial position and presents a summary of income and spending
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Personal balance sheet
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also called a net worth statement, is a financial statement that lists items of value owned, debts owed, and a persons net worth
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Assets
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any items of value that an individual or company owns, including cash, property, personal possessions, and investments
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Wealth
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an abundance of valuable material possessions or resources
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Liquid assets
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are cash and items that can be quickly converted into cash
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Real estate
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a house or any other building that a person or family owns
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Market value
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the price at which property would sell
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Liabilities
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the debts that you owe
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Insolvency
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financial state that occurs if liabilities are greater than assets
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Cash flow
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the money that actually goes into and out of your wallet and bank account
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Income
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the money you recieve
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Take-home pay
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net pay; the amount of income left after taxes and other deductions are taken out of your gross pay
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Discretionary income
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the money left over after paying for the essentials, such as food, clothing, shelter, transportation and medication.
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Surplus
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extra money that can be spent or saved depending on a persons financial goals and values
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Defict
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financial situation that occurs when more money is spent than is earned or recieved
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Budget
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a plan for using money to meet wants and needs
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Consumer price index(CPL)
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a measure of the changes in prices for commonly purchased goods and services in the United States
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Budget variance
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the difference between the budgeted amount and the actual amount that you spend
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