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16 terms

Personal & Family Finance unit 4

STUDY
PLAY
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