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14 terms

Money Management

STUDY
PLAY
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)