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Savings & Net Worth
Term | Definition |
---|---|
variable expense | an expense that changes monthly based on usage |
discrectionary income | income-expenses=? |
deficit | when more money is being spent than earned or received; negative discretionary income or net worth |
net pay | the amount of money left over after taxes are deducted from your gross pay |
insolvency | a financial state that happens if liabilities are greater than assets |
surplus | extra money that case be used to spend or save; positive discretionary income or net worth |
fixed expense | an expense that stays the same every month |
long-term liabilities | debt that does not have to be paid in full within one year |
net worth | assets-liabilities=? |
budget | a plan for using your money to meet your wants and needs |
gross pay | the amount of money you earn before taxes are deducted |
current liabilities | debts to be paid in full within one year or less |