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MFLD MOD2

Module 2 Spending Plans & Financial Statements

QuestionAnswer
A Statement of Financial Position (similar to a net worth statement or balance sheet) a financial cash you have on hand and money in checking and savings accounts.
Check register system The check register system is a control system that uses a checkbook register that is divided into spending plan categories. When a purchase is made, you place that expenditure into the column created for a given spending category.
Child support Money received from a parent to help care for a child.
Contractual expenses Required to pay expense for a specific amount of time—not easy to reduce. Examples(Rent, Cell phone, Cable)
Depository institution programs Some depository institutions offer an on‐line spending plan or budgeting program that links to your account(s) and will automatically track your spending and show you where your money is going.
Envelope system The envelope system is a strict control system that involves placing the actual budgeted amount of cash into an envelope labeled for the expense.
Expenses money spent on bills that are paid on a regular basis, often monthly.
Gross income the amount of wages or salary you earn before any deductions are taken out for taxes or other payroll deductions should be recorded.
Income and Expense Statement lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year.
Income money received.
Insurance a product that transfers risk from an individual to an insurance company or organization. Insurance helps pay for large unexpected financial losses.
Interest earned ‐Any interest from depository institution accounts earned during the time period of the Income and Expense Statement.
Internet‐based spending plan program many Internet‐based spending plan programs available. Some are free and others charge a fee. The advantage of Internet‐based spending plan programs is they allow you to access your information from any device that has Internet access. Also, most of these
Investment assets assets that are purchased for the purpose of making more money.
Investment earnings Any money earned from investments during the time period of the Income and Expense Statement.
Liabilities what is owed to others.
Market value what you could realistically sell an asset for today, not what you originally paid for the asset.
Monetary assets assets that can be quickly and easily converted into cash.
Money from others Any money received from others, such as friends and family.
Money from savings and investments Any money from savings and investments that was used to pay for expenses during the period.
Money management computer software In addition to creating your spending plan for you, computer software programs may also function as a control system to tell you where your money is going. However, this may require you to keep track of your financial transactions and enter them into the
Mortgage a payment to pay off the loan used to purchase a form of housing.
Net gain income to be greater than expenses.
Net income take home pay.
Net loss expenses are greater than income
Net worth the objective measure of financial wealth.
Non-contractual expenses easy to reduce or eliminate. Examples(Food, entertainment)
Sales of assets The amount of money earned from the sale of an asset.
Saving and Investing Includes any money saved or invested for future use
Savings the portion of current income not spent on consumption.
Scholarships/grants Money received from scholarships and grants from non‐government sources to help pay for education.
Spending plan like an income and expense statement, includes income, expenses, and net gain or net loss. A statement that describes an individual or family’s financial condition on a specified date by showing assets, liabilities, and net worth.
Tangible assets (also known as use or lifestyle assets) personal property that was purchased to create a lifestyle or improve your life such as homes, automobiles, electronics, furniture, and any other personal property such as clothing, jewelry and sporting goods.
Wealth a measurement of how much a person or household owns once all debts have been paid.