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Managing Your Money

QuestionAnswer
Budget A careful record of all the money you earn and spend
Disposable Income The money that remains after all the taxes on it have been paid (people usually pay for necessities first)
Discretionary Income The money remaining after paying for necessities (used to satisfy wants)
Revenue The income generated from sales of goods or services, the money you earn
Expenditures The money you spend on everything, including what you choose to save
Balanced Budget The amount of money you have left over after you subtract all your expenses
Budget Surplus More income than expenses (more money)
Budget Deficit More expenses than income
Credit Borrowing money to pay for something now while promising to repay it later
Principal The actual amount borrowed
Interest The cost of borrowing money
Debt The total amount owed (principal + interest)
Installment Debt Repayment of the debt in equal increments over time (usually used when paying for a house, car, or other large purchases)
Regular Charge Account Full amount is due at the end of a 30 day period
Revolving Charge Account Allows you to keep making purchases even if you have no paid off the previous month's bill (the balance builds up & rolls over to the next month)
4 C's of Credit Credit History - do you pay back your money on time Capacity to Pay - How much money you earn Character - criminal background, education Collateral - what do you own that could be sold
Annual Percentage Rate The annual cost of credit expressed as a percentage of the amount borrowed
Debit Card Not a loan, cashless payment transferring funds from your bank account to the store
Created by: livilou541
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