Financial Literacy: Chapter 8

Front 1

Disposable Income

Back 1

The money you have left to spend or save after taxes have been payed.

Front 2

Financial Plan

Back 2

A set of goals for spending, saving and investing the money you earn.

Front 3

Budget

Back 3

A spending and saving plan based on your expected income and expenses.

Front 4

Fixed Expenses

Back 4

Costs you are obligated to pay at specific times, regardless of other events.

Front 5

Variable Expenses

Back 5

Costs that vary in amount and type, depending on events and the choices you make.

Front 6

Assets

Back 6

The items of value that a person owns.

Front 7

Liabilities

Back 7

Amounts of money owed to others.

Front 8

Net Worth

Back 8

The difference between assets and liabilities.

Front 9

Contract

Back 9

A legally enforceable agreement between two or more parties.

Front 10

Consideration

Back 10

Anything of value exchanged as part of a contract.

Front 11

Negotiable Instrument

Back 11

An unconditional written promise to pay a specified sum of money upon demand of the holder.

Front 12

Co-Signer

Back 12

A person who promises to pay the note if the maker fails to pay.

Front 13

Warranty

Back 13

A statement about a product's qualities or performance that the seller assures the buyer are true.

Front 14

Spreadsheet

Back 14

A computer program that organizes data in columns and rows and can perform calculations using the data.

Front 15

Database

Back 15

A computer program that organizes data for easy search and retrieval