Personal Finance - Chapter 3 Terms - Money Management Strategy
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each of the black spaces below before clicking
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| Planning how to get the most from your money. | money management
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| A small secure storage compartment that you can rent in a bank, usually for $100 a year or less. | safe-deposit box
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| A document that provides information about an individual's current financial position and presents a summary of income and spending. | personal financial statement
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| A financial statement that lists items of value owned, debts owed, and a persons net worth. | personal balance sheet
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| The difference between the amount that you own and the debts that you owe. | net worth
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| Any items of value that an individual or company owns, including cash, property, personal possessions, and investments. | assets
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| An abundance of valuable material possessions or resources. | wealth
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| Cash and assets that can be quickly converted into cash. | liquid assets
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| Land and any structures that are on it. | real estate
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| The price at which property would sell. | market value
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| Debts that you owe. | liabilities
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| A financial state that occurs if liabilities are greater than assets. | insolvency
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| Money that actually goes into and out of your wallet and bank accounts. | cash flow
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| Cash inflow or the money you receive. | income
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| Net pay, the amount of income left after taxes and deductions. | take-home pay
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| The amount of money left over after paying for essential items. | discretionary income
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| Extra money that can be spent or saved, depending on a person's financial goals and values. | surplus
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| The financial situation yhat occurs when more money is spent than is earned or received. | deficit
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| A plan for using money to meet wants and needs. | budget
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| It is a measure of the changes in prices for commonly purchased goods goods and services. | consumer price index
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| The difference between the budgeted amount and the actual amount that you spend. | budget variance
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