Personal & Family Finance unit 4
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Created by:
bigbucks7585 on November 1, 2011
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16 terms
Terms | Definitions |
|---|---|
 70-20-10 | management tool in which income is spent, saved, and invested |
| ATM | technology that allows bank customers ot take action in their account at any time |
| Check 21 | similar to a debit card |
| financial plan | an orderly program for spending, saving, and investing money to achieve goals |
| fixed expenses | set costs |
| flexible expenses | costs that are not set |
| debit card | card that automatically deducts money from your account when used for purchases |
| income | money received that is available to use |
| inflation | the increased cost of living |
| interest | the price a borrower pays to use someone elses money |
| investment risk | the uncertainty of the return on an investment |
| outstanding check | checks that have not yet been reported on a bank statement |
| overdraft | insufficient funds to cover the check's amount |
| reconcile | to bring a bank statement and your register into agreement |
| rule of 72 | the amount of time it takes for your money to double in value |
| spending plan | plan for spending and saving money based on personal goals |
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