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Argylls PF 5

TermDefinition
Money Management Getting the most out of your money
Safe-Deposit Box Store important papers and small items in this
Balance Sheet Show assets, liabilities and net worth
Assets Things one owns
Liabilities Amounts own owes
Net Worth The difference between what one owns and owes
Market Value Price that an item would currently sell for
Long-Term Liabilities Debts that are not fully paid after one year
Insolvency Inability to pay debts when they are due
Cash Flow Movement of money coming in and out
Take-Home Pay or Net Pay The amount of income left after all deductions
Discretionary Income Money you have left over after paying all essentials
Surplus Positive cash flow-more money coming in than spent
Deficit Spend more than you receive
Budget A plan for saving and spending
First step of a Budget Set your financial goals
Last step of a Budget Review spending and savings patterns
Four Characteristics of and effective budget Carefully planned, Practical, Flexible, Easily Accessible
Best way to "Pay yourself first" Direct Deposit
Fixed Expenses Expense amounts that do not change
Variable Expenses Expense amounts that are not the same each month
Budget Variance The difference between the budgeted and actual amount
Created by: rholloway