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chapter 12

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
money management   day to - day financial activities necessary to get the most from one's money .  
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home file   one place to keep financial documents.  
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safe - deposit box   a small secure storage compartment that can be rented in a bank.  
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personal balance sheet   financial statement that shows what you own and what you \owe.  
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net worth   the difference between the amount you own and the debts you owe.  
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assets   owned items of value, such as cash , real estate , personal possessions , and investments.  
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wealth   property that has a money value or an exchangeable value.  
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liquid assets   cash and items that can be quicky converted to cash.  
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real estate   percentage of increase in the value of saving from earned interest.  
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market value   the price at which property would sell.  
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liabilities   short - term debts that have to be paid within one year.  
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cash flow   the total amount of money being transferred into and out of a business, especially as affecting liquidity.  
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income   money received, especially on a regular basis, for work or through investments.  
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take - home pay   the pay received by an employee after the deduction of taxes and other obligations.  
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discretionary income   income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items.  
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surplus   an amount of something left over when requirements have been met; an excess of production or supply over demand.  
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deficit   the amount by which something, especially a sum of money, is too small.  
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budget   an estimate of income and expenditure for a set period of time  
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budget variance   difference between the budgeted amount and the actual amount spent.  
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Created by: joeyaguon
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