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money management

chapter 12

termDefinition
money management day to - day financial activities necessary to get the most from one's money .
home file one place to keep financial documents.
safe - deposit box a small secure storage compartment that can be rented in a bank.
personal balance sheet financial statement that shows what you own and what you \owe.
net worth the difference between the amount you own and the debts you owe.
assets owned items of value, such as cash , real estate , personal possessions , and investments.
wealth property that has a money value or an exchangeable value.
liquid assets cash and items that can be quicky converted to cash.
real estate percentage of increase in the value of saving from earned interest.
market value the price at which property would sell.
liabilities short - term debts that have to be paid within one year.
cash flow the total amount of money being transferred into and out of a business, especially as affecting liquidity.
income money received, especially on a regular basis, for work or through investments.
take - home pay the pay received by an employee after the deduction of taxes and other obligations.
discretionary income income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items.
surplus an amount of something left over when requirements have been met; an excess of production or supply over demand.
deficit the amount by which something, especially a sum of money, is too small.
budget an estimate of income and expenditure for a set period of time
budget variance difference between the budgeted amount and the actual amount spent.
Created by: joeyaguon