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financial terms

TermDefinition
ALLOWANCE the amount of something that is permitted, especially within a set of regulations or for a specified purpose.
BUDGET an estimate of income and expenditure for a set period of time.
BUDGET VARIANCE the difference between the budgeted or baseline amount of expense or revenue, and the actual amount
FINANCIAL PLAN a comprehensive evaluation of an individual's current pay and future financial state by using current known variables to predict future income, asset values and withdrawal plans.
FIXED EXPENSE an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity.
MONEY MANAGEMENT the process of budgeting, saving, investing, spending or otherwise in overseeing the cash usage of an individual or group. ... Also referred to as "investment management" and/or "portfolio management".
NET WORTH defined as assets minus liabilities. Essentially, it is a measure of what an entity is worth.
PERSONAL ASSETS an asset in the form of money or chattels.
BUDGET CATEGORY expenses are especially prominent on the Income statement
FINANCIAL GOALS targets, usually driven by specific future financial needs
INCOME money received, especially on a regular basis, for work or through investments.
LONG TERM GOALS Goals that take a long time to achieve
SHORT TERM GOALS something you want to accomplish soon.
DEFICIT the amount by which something, especially a sum of money, is too small.
SURPLUS an amount of something left over when requirements have been met; an excess of production or supply over demand.
START UP COST Non-recurring costs associated with setting up a business
EQUITY the quality of being fair and impartial.
DEBT something, typically money, that is owed or due.
REVENUE income, especially when of a company or organization and of a substantial nature.
PROFIT a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
LOSS the fact or process of losing something or someone. "avoiding loss of time"
CASH FLOW the total amount of money being transferred into and out of a business, especially as affecting liquidity
LINE OF CREDIT an amount of credit extended to a borrower.
INTEREST RATE the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
ASSET a useful or valuable thing, person, or quality.
LIABILITY the state of being responsible for something, especially by law.
COLLATERAL something pledged as security for repayment of a loan, to be forfeited in the event of a default.
CAPITAL the most important city or town of a country or region, usually its seat of government and administrative center.
LOAN TERM a monetary loan that is repaid in regular payments over a set period of time
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