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13 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Budget |
A plan for the use of money over time based on goals, expenses, and expected income |
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Income |
Any format of money received, such as an allowance, a paycheck, gifts, and gains from an investment |
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Expense |
The cost of goods and services you buy, they are either fixed or variable. |
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Fixed Expense |
A set amount that must be paid each budget period. |
Mortgage, tuition, and insurances. |
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Variable Expense |
A cost that changes both in the amount and time it must be paid |
Food, clothing, entertainment |
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Discretionary Expense |
An amount spent for an item that a person could do without |
Fancy Dinner |
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Philanthropy |
The act of giving money, goods, or service to meet the needs of others and support organizations and causes that are important to you |
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Cash Flow Statement |
A summary of the amount of money received and the amount paid for goods and services during a specific period |
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Net Worth Statement |
A written record of an individual's current financial situation |
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Net Worth |
The difference between what you own and what you owe |
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Asset |
An item you own such as cash, stocks, bonds, real estate, and personal possessions. Divided into current and fixed assets. |
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Liability |
A current or future financial obligation, like unpaid bills and mortgages |
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Wealth |
An abundance of money and other assets |
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