| A | B |
|---|
| Income | The money you receive from the work that you do. |
| Money Management | Day-to-day financial activities associated with using your limited income. |
| Balance Sheet | Type of financial statement that explains what a person owns/owes. |
| Assets | Items of value. |
| Liabilities | Amounts owed to others. |
| Owners Equity | Net worth - difference between a person's or family's assets and liabilities. |
| Net Income | Take-home pay - amount in paycheck after taxes. |
| Budget | A system of saving and wise spending. |
| Fixed Expenses | Costs that occur regularly and are for the same amounts. |
| Variable Expenses | Differing amounts each time and are usually more difficult to estimate. |
