Making Smart Decisions
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Budget | A plan for the use of money over time based on goals, expenses, and expected income
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| Income | Any form of money received, such as an allowance, a paycheck, gifts, and gains from an investment
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| Expense | The cost of goods and services you buy
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| Fixed Expense | A set amount that must be paid each budget period
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| Variable Expense | A cost that changes both in the amount and time it must be paid
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| Discretionary Expense | An amount spent for an item that a person could do without
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| Philanthropy | The act of giving money, goods, services, to meet the needs of others and support organizations and causes that are important to you
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| Cash Flow Statement | A summary of the amount of money received and the amount paid for goods and services during a specific period
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| Net Worth Statement | A written record of an individual's current financial situation
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| Net Worth | The difference between what you own and what you owe
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| Asset | An item of value that you own, such as cash, stocks, bonds, real estate, and personal possessions *It is divided into two basic categories: Current & Fixed
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| Liability | A current or future financial obligation *Include unpaid bills, credit cards charges, mortgages, personal loans, and taxes* Divided into Current liabilities & Long-term liabilities
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| Wealth | An abundance of money and other assets *Includes investments, property, a business, cash, and other items of value that contribute significantly to financial security and high standard of living and giving
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| Recordkeeping | The process of setting up an organized system or financial and legal documents
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| Legal Document | A paper that can be filled with a court officer or used to uphold an agreement in a court of law such as a marriage certificate, auto loan, mortgage, or credit and agreement *Records may be printed(hard) copies and others may be digital
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| Money Management Software | A computer program used to organize daily finances and keep track of income, spending, savings, debts, investments, and other fincancial data
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| Written Roomate Agreement | A document that contains the rules reltated to the living arrangements and expenses and is signed by all roomates *It lets everyone know what to expect and how problems will be solved
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| Family Life Cycle | The stages a family passes through over its lifetime
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| Stages in the Life Cycle | Typical patterns of social and financial behavior families follow at different periods in the life cycle
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| Variations in the Life Cycle | Patterns that differ from typical families
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| Family Financial Crisis | A major problem that changes the future of the family and its lifestyle
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Created by:
Jakea Harris
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