Argylls PF 5 Word Scramble
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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 |
Created by:
rholloway
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