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Financial Lit. Quiz

Quiz terms for 2/19/16

TermDefinition
budget a plan for managing your money; an estimate of income and expenses over a period of time
expenses anything you spend your money on
mortgage a loan attained through the conveyance of property; house payment
amortization to reduce or extinguish debt; principal/interest split
principal the original sum of money invested or borrowed
interest money paid at a particular rate for the use of money lent
financial success means different things to different people
assets things you own that have value
cash expenses monthly amounts of cash you pay out
balance sheet a statement listing your assets, liabilities, and net worth
cash flow statement a statement listing your cash income, cash expenses, and your cash savings or deficit
cash income monthly amount of cash coming in to you
deficit a negative cash flow in which monthly income is less than monthly cash expenses
financial status your current financial position or situation
fixed expenses expenses that stay relatively the same each month
generic items lesser-known items that sell at a discount
liabilities amounts you owe others
net worth your total assets minus your total liabilities
savings a positive cash flow in which monthly cash income is more than monthly cash expenses
value the satisfaction you get for a purchase
variable expenses expenses that vary a lot from one month to the next and are often a matter of choice (i.e. fast food, clothing, entertainment)