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Per. Fin. - Ch. 3

Personal Finance - Chapter 3 Terms - Money Management Strategy

QuestionAnswer
Planning how to get the most from your money. money management
A small secure storage compartment that you can rent in a bank, usually for $100 a year or less. safe-deposit box
A document that provides information about an individual's current financial position and presents a summary of income and spending. personal financial statement
A financial statement that lists items of value owned, debts owed, and a persons net worth. personal balance sheet
The difference between the amount that you own and the debts that you owe. net worth
Any items of value that an individual or company owns, including cash, property, personal possessions, and investments. assets
An abundance of valuable material possessions or resources. wealth
Cash and assets that can be quickly converted into cash. liquid assets
Land and any structures that are on it. real estate
The price at which property would sell. market value
Debts that you owe. liabilities
A financial state that occurs if liabilities are greater than assets. insolvency
Money that actually goes into and out of your wallet and bank accounts. cash flow
Cash inflow or the money you receive. income
Net pay, the amount of income left after taxes and deductions. take-home pay
The amount of money left over after paying for essential items. discretionary income
Extra money that can be spent or saved, depending on a person's financial goals and values. surplus
The financial situation yhat occurs when more money is spent than is earned or received. deficit
A plan for using money to meet wants and needs. budget
It is a measure of the changes in prices for commonly purchased goods goods and services. consumer price index
The difference between the budgeted amount and the actual amount that you spend. budget variance
Created by: 1125234467