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Quiz terms for 2/19/16

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
budget   a plan for managing your money; an estimate of income and expenses over a period of time  
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expenses   anything you spend your money on  
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mortgage   a loan attained through the conveyance of property; house payment  
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amortization   to reduce or extinguish debt; principal/interest split  
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principal   the original sum of money invested or borrowed  
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interest   money paid at a particular rate for the use of money lent  
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financial success   means different things to different people  
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assets   things you own that have value  
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cash expenses   monthly amounts of cash you pay out  
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balance sheet   a statement listing your assets, liabilities, and net worth  
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cash flow statement   a statement listing your cash income, cash expenses, and your cash savings or deficit  
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cash income   monthly amount of cash coming in to you  
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deficit   a negative cash flow in which monthly income is less than monthly cash expenses  
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financial status   your current financial position or situation  
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fixed expenses   expenses that stay relatively the same each month  
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generic items   lesser-known items that sell at a discount  
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liabilities   amounts you owe others  
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net worth   your total assets minus your total liabilities  
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savings   a positive cash flow in which monthly cash income is more than monthly cash expenses  
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value   the satisfaction you get for a purchase  
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variable expenses   expenses that vary a lot from one month to the next and are often a matter of choice (i.e. fast food, clothing, entertainment)  
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