money management vocabulary

18 terms by viviana45 

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Asetts

consist of things of value or something that you own, such as a car, stereo system, etc.

Balance Sheet (Statement of Net Worth)

A summary of one's financial conditions (assets and liabilities and net worth)

Budget

A plan for managing money during a given period of time and consists of savings and spending

Cash Flow

Consists of money coming into an individual or net pay

Cash Flow Statement

A measure of the money you receive and the money you spent

Decision Making

The process of considering and analyzing information related to personal and financial goals to determine an action plan

Decision Making Steps

Consist of 1. Identifying the goal, 2. Gathering information, 3. Analyzing outcomes, 4. Examining alternatives, 5. Making a decision, and 6. Evaluating results

Delayed Gratification

The willingness to give up something you want now in return for something better later

Discretionary Income

Money left over from net income after all expenses

Expenditures

Money paid for goods and services

Financial Planning Process

The process of defining goals, developing a plan to achieve them, and putting the plan into action

Financial Planning Steps

Consist of 1. Setting goals, 2. Analyzing information, 3. Creating a plan, 4. Implementing the plan and 5. Monitoring and modifying the plan

Fixed Expenses

Expenses that do not change from one pay period to another and are in exact amounts

Goal

A specific statement of what you want to achieve, giving direction to your plan of action

Gross Pay

The total amount of income from your wages or salary before payroll deductions

Income

Any money coming in

Liabilities

Money owed to creditors

Long Term Goal

A goal that focuses on more than 1 year of time and requires delayed gratification

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