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Financial Planning A process of tracking and anicipating income and expenditures Financial Goal A specific aim to be accomplished with the use of financial planning Continual Ongoing, without ending Cyclical Occuring in a cycle, with steps repeated in sequence over and over Wealth Having a large amount of money or property Living Within One's Means Being able to pay all expenses with available income Financial Statement A document or tool that shows personal financial information/data Balance Sheet A financial statement that shows the assets, liabilities, and net worth of an individual or family on a set date Asset Anything with monetary value that a person owns Liability Anything that is owed to someone else; a debt Net Worth The amount of money remaining when total liabilities are subtracted from total asstes Income and Expense Statement A financial statement that shows all income and expenses of an individual or family during a specific time period, usually a month or a year Cash Flow The income and expenses of an indiviual or family during a specific time period Income Total earnings received Expense Any expenditure; anything that costs money Net Gain The amount of money one has after subtracting expenses from income Net Loss The amount of additional money needed when expenses are greater than income Spending Plan A financial statement used to plan income and expenses for a future time period; also known as a budget or financial plan