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18 Cards in this Set
- Front
- Back
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A plan for the use of money over time based on goals, expenses, and expected income |
Budget |
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Any form of money recieved |
Income |
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The cost of goods and services you buy |
Expense |
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A set amount that must be paid each budget period |
Fixed expense |
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A cost that changes both in the amount and time it must be paid |
Variable expense |
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An amount spent on an item that a person could do without |
Dicretionary expense |
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The act of giving money or doing charity |
Philanthropy |
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Summary of the amount of money recieved and the amount paid for goods during a specific time |
Cash flow statement |
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A written record of an individual's current financial situation |
Net worth statement |
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The difference between what you own and what you owe |
Net worth |
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An item of value that you own |
Asset |
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A current or future financial obligation |
Liability |
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And abundance of money and other assets |
Wealth |
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The process of setting up an organized system for financial and legal documents |
Record keeping |
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A paper that can be filed with a court officer or used to uphold an agreement in the court of law |
Legal documemt |
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A document that contains the rules related to the living arangements and expenses |
Written roommate agreement |
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The stages a family passes through over its lifetime |
Family life cycle |
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A major problem that changes the future of the family and it's lifestyle |
Family financial crisis |
