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8.02Personal Finance

Financial Planning

TermDefinition
Financial Planning A process of tracking and anticipating income and expenditures
Financial Goal A specific aim to be accomplished with the use of financial planning
Continual Ongoing, without ending
Cyclical Occurring in a cycle, with steps repeated in sequence over and over
Wealth Having a large amount of money of property
Living within one's means Being able to pay all expenses with available income
Financial Statement A document or tool that shows personal financial information/data
Balance Sheet A financial statement that shows the assets, liabilities, and net worth of an individual or family on a set date
Asset Anything with monetary value that a person owns
Liability Anything that is owed to someone else; a debt
Net Worth The amount of money remaining when total liabilities are subtracted from total assets
Income and Expense Statement A financial statement that shows all income and expenses of an individual or family during a specific time period, usually a month or a year
Cash Flow The income and expenses of an individual or family during a time period
Income Total earnings received
Expense Any expenditure; anything that costs money
Net Gain The amount of money one has after subtracting expenses from income
Net Loss The amount of additional money needed when expenses are greater than income
Spending Plan A financial statement used to plan income and expenses for a future time period; also known as a budget of financial plan
Created by: mobleyke