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Standard 6
Vocabulary
| Term | Definition |
|---|---|
| Allowance | the amount of money you plan to use for a certain budget category |
| Budget | a plan for the coordination of resources and expenditures |
| Budget Variance | actual spending is compared w/ budgeting amounts |
| Financial Plan | document that describes your current financial status, your financial goals and when you want to achieve them, and strategies to meet those goals |
| Fixed Expense | 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, over seeing the capital usage of an individual or group |
| Networth | difference between assets and liabilities |
| Personal Assets | items of value and cash belonging to the person |
| Budget Category | a division of things (smaller expenses) to spend within your budget |
| Financial Goals | monetary objectives of an individual or organization that are often determined by their future requirements for funds |
| Income | money recieved through work |
| Longterm goals | Ultimate results desire from a plan that lasts for a long period of time |
| Short term goals | goals that can be achieved in a limited period of time. |
| Deficit | using over the amount of money you have |
| Surplus | extra money |
| Start up cost | the amount of money needed to open a new business |
| Equity | money rasied from within a company or from selling part of an owner's share |
| Debt | money you owe |
| Revenue | income, especially when of a company or organization and of substantial nature |
| Profit | financial gain ; financial adventage or benefit |
| Loss | the fact or process of losing money |
| Cashflow | total amount of money being transferred into and out of a business, especially as affecting liquidity |
| Line of Credit | preset amount of moent that a bank or credit union has agreed to lend you |
| Interest rate | the percent of principal charged by the lender for the use of its money |
| Asset | useful or valuabe thing, person, or quality |
| Liability | company's legal financial debts or obligations that arise during the course of business operations |
| Collateral | something pledged as secutity for repayment of a loan, to be forfeited in the event of a default |
| Capital | financial assets owned by a person or tangible factors of production such as manufacturing equipment |
| Loan Terms | monetart loan that is repaid in regular payments over a set period of time. |
Created by:
tina.le0103
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