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ch 7 per finance

ch 7 personal finance terms

QuestionAnswer
Buyer’s Remorse regretting a purchase soon after making it.
Credit Card tool used to finance a purchase.
Lump Sum Planning For Allows you to plan for expenses you make on a non-monthly basis.
Active money is very active; it is always moving and can be utilized in many ways.
ATM Card automated teller card which allows you to make transactions in automated teller machines.
Budget cash flow plan; assigns every dollar to a specific category/ expense at the beginning of each month.
Carbon Checks checkbooks that make a carbon copy each time you write a check; it is a paper underneath the actual check.
Currency money
Monthly cash flow form A form that summarizes income information into categories; when you are done, your total income minus expenses should equal zero.
Duplicate checks type of checks that make duplicate copies as you write them out.
Discipline self control used in directing behavior; the key to wealth building is being consistent over time.
Envelope System series of envelopes, divided into pre-determined categories, used to store cash for planned monthly expenses; self-imposed discipline tool to assist people in managing their monthly finances; possible categories include food, entertainment, gas, ect.
Hoarding keeping things and refusing to give them up.
Impulse Purchase to buy an item without thinking about it.
Persistent refusing to give up or let go.
Pro-active to have a strong initiative; when one happens “to” things.
Procrastinate to put off until later; waiting until the last minute.
Reconcile to match your bank statement with your checkbook, preferably within 72 hours of receiving the statement.
Zero-based Budget cash flow plan that assigns an expense to every dollar of one’s income, wherein the total income minus the total expenses equals zero.
Non-Sufficient when you get charged when you have an overdraft in your bank account.
Bounced Check when a check tries to go through the bank and you don’t have enough money.
Irregular Income Form list items in importance; when you get your paychecks; you pay them in that order until you run out of money.
Debit Card Type of card; often bearing the seal of a major credit card company; issued by bank and used to make purchases.
fixed expenses Expenses that stay the same each month; mortgage, car payment; budget billing gas bill
variable expense Expenses that vary from month to month; electric bill, cell phone bill (if not a texting plan);etc.
Created by: eramig
 

 



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