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Argylls PF 5

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   Getting the most out of your money  
Safe-Deposit Box   Store important papers and small items in this  
Balance Sheet   Show assets, liabilities and net worth  
Assets   Things one owns  
Liabilities   Amounts own owes  
Net Worth   The difference between what one owns and owes  
Market Value   Price that an item would currently sell for  
Long-Term Liabilities   Debts that are not fully paid after one year  
Insolvency   Inability to pay debts when they are due  
Cash Flow   Movement of money coming in and out  
Take-Home Pay or Net Pay   The amount of income left after all deductions  
Discretionary Income   Money you have left over after paying all essentials  
Surplus   Positive cash flow-more money coming in than spent  
Deficit   Spend more than you receive  
Budget   A plan for saving and spending  
First step of a Budget   Set your financial goals  
Last step of a Budget   Review spending and savings patterns  
Four Characteristics of and effective budget   Carefully planned, Practical, Flexible, Easily Accessible  
Best way to "Pay yourself first"   Direct Deposit  
Fixed Expenses   Expense amounts that do not change  
Variable Expenses   Expense amounts that are not the same each month  
Budget Variance   The difference between the budgeted and actual amount  


   






 
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Created by: rholloway