Like this study set? Create a free account to save it.

Sign up for an account

Already have a Quizlet account? .

Create an account


A plan for how you will spend your money


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


Your wealth; liquid: cash, money in savings and checking accounts; non-liquid: property and possessions


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)

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions and try again


Reload the page to try again!


Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

Voice Recording