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Budgeting Vocab
| Term | Definition |
|---|---|
| Disposable Income | the money you have to spend or save after deductions and taxes |
| Financial Plan | a set of goals for spending, saving, and investing the money you recieve |
| Obligations | what you HAVE to spend your money on |
| Budget | a spending and saving plan |
| Money coming in must... | equal money coming out |
| Fixed Enspenses | costs that do not change from month to month |
| Variable Expenses | costs that vary in amount and type, depending on the choices you make |
| 5 types of personal records | Income and expense records Net worth statement Personal property inventory Tax records Other miscellaneous documents |
| Examples of income records | W-2 forms Statements from banks Statement from investment companies |
| Examples of expense records | Recites listing charitable contributions Medical bills |
| Net worth statement | shows a person's net worth based on his or her assets and liabilities |
| Assets | things that you own |
| Liabilities | money or debts you owe to others |
| Net worth must equal... | assets |
| Personal Property Inventory | a list of the valuable items you own, along with their purchase prices and approximate current values |
| Contract | a legally enforceable agreement between two people |
| Examples of common legal agreements are... | credit accounts mortgage loans rental agreements |
| Implied contracts | not written but is created by the actions or conduct of someone |
| Agreement | a contract has legal agreement when a valid offer is made and accepted |
| Counteroffer | when one person makes an offer and another person changes it |
| Consideration | something of value exchanged for something else of value |
| Contractual capacity | refers to the competence of the parties to enter a conract |
| Competent parties | people who are legally capable of agreeing to a binding offer |
| Legality | to be legally enforceable, a contract must have a lawful purpose |
| Notarized | the signature of a document is verified by a notary public |
| Statute | a law passed by legislature |
| Negotiable instrument | an unconditional written promise to pay a specified sum of money upon demand of the holder |
| Legal documents can be... | enforced by law |
| Co-signer | a person who promises to pay the debt of another person |
| Warranty | a statement assuring quality and performance of a product or service |
| Spreadsheet | a computer program that organizes data in columns and rows and can perform calculations |
| Database | a computer program that organizes data for easy search and retrieval |
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