Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
|
Financial Plan
|
A formalized report that summarizes your current financial situation, analyzes your financial needs, and recommends future financial activities.
|
|
|
Money Management
|
Day-to-day financial activities necessary to manage current personal economic resources while working toward long-term financial security.
|
|
|
Balance Sheet
|
A financial statement that reports what an individual or a family owns and owes; also called a net worth statement.
|
|
|
Liquid Assets
|
Items of value that can easily be converted to cash.
|
|
|
Liabilities
|
Amounts owed to others.
|
|
|
Cash Flow Statement
|
A financial statement that summarizes cash receipts and payments for a given period; also called a personal income and expenditure statement.
|
|
|
Discretionary Income
|
Money left over after paying for housing, food, and other necessities.
|
|
|
Personal Budget
|
A specific plan for spending income; also called a spending plan
|
|
|
Budget Variance
|
The difference between the amount budgeted and the actual amount received or spent.
|
|
|
Surplus
|
The amount by which actual spending is less than planned spending.
|
|
|
Deficit
|
The amount by which actual spending exceeds planned spending
|
|
|
Default
|
Failure to meet a financial obligation.
|
|
|
Due Diligence
|
refers to the requirements that lenders must meet before putting a student into default on a loan, for example number of contact attempts, type of contact attempts, etc.
|
|
|
Deferment
|
To delay re-payment of your student loan
|
|
|
Credit Score
|
a rating that determines your credit worthiness.
|
|
|
Leverage
|
Borrowing to Increase Return on Investments
|
|
|
Net Worth
|
The difference between total assets and total liabilities.
|
