| A | B |
|---|
| fixed expenses | Expenses that do not change from period to period |
| Assets | Things of value or something you own |
| Income | Any money coming in. |
| Variable Expenses | Expenses which change from time to time. Usually, you have more control over them |
| gross pay | Total amount of income from your wages or salary before payroll deductions. |
| cash inflow | Money coming into an individual or net pay. |
| liabilities | Money owed to creditors |
| money management | How you handle money coming in and going out |
| net income | Gross pay minus deductions - also known as net pay or take-home pay |
| net worth | Assets minus Liabilities - also known as owner's equity. |
| budget | A plan for managing money during a given period of time and consists savings and spending. |
| Balance sheet | Provides a summary of one's financial condition. A listing of assets, liabilities, and net worth |
| Cash flow statement | A measure of the money you receive and the money you spend. |
| discretionary income | Money left over from gross income after all expenses |
| expenditures | Money paid for goods and services. Also known as cash outflows. |
| government securities | Financial instruments (Bonds) issued by the US Government in order to raise money |
| Bond | A certificate representing a promise to pay a definite amount of money at a stated interest rate on a specified date. Buying a bond is like making a loan |
| Checking Account | Account set up which allows for the deposit and withdrawal of funds. Can also write check on the account. Method of paying others instead of cash. |
| Savings Account | Account set up which allows for the deposit and withdrawal of funds. Usually can earn interest on the account |
| interest | payment for the use of money |
