8.02Personal Finance Word Scramble
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Term | Definition |
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
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