Money Management
Order by
14 terms
Terms | Definitions |
|---|---|
 Budgeting | A plan for how you will spend your money |
| Quiken | Internet resource that keeps track of your money (primarily how it is spent) |
| Personal Financial Planning | Arranging how you will spend, save, and invest your money |
| Balance Sheet | Contain assets (liquid and non-liquid) and liabilities (current and long term) |
| Cash Flow Statement | Contains income, expenses (fixed and variable) surplus, and deficit |
| Discretionary Funds | What you have left over at the end of each month after you have paid neccessary expenses and taxes |
| Net Worth | Assets - Liabilities |
| Variable Expenses | Expenses that change from month to month |
| Assets | Your wealth; liquid: cash, money in savings and checking accounts; non-liquid: property and possessions |
| Liabilities | Debts that you owe; current: pay in 1 year; long term: over 1 year to pay off |
| Emergency Fund | An easy access savings account to pay for unexpected expenses and emergencies |
| Liquid Assets | Wealth; cash, money in savings and checking accounts |
| Chapter 7 Bankruptcy | Assets sold off to pay creditors most (not all) debts are "written off" |
| Chapter 13 Bankruptcy | Most assets kept but plan to use income to pay debts is mandated by court (most debt is paid over a long period of time) |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.