| A | B |
|---|
| Assets | Everything a person owns with monetary value. |
| Check Register System | A ctrol system where expenses are traced in a checkbook register which has been divided into spending plan categories. |
| Electronic Spending Plan System | A control system that utilizes some type of electronic software. |
| Envelope System | A control system where an individual places the actual budgeted amount of cash into the specific envelope labeled for the expense. |
| Expense | money spent |
| Financial Goals | Specific objectives to be accomplished through financial planning. |
| Financial Planning | A tool used to achieve financial success based upon the development and implementation of fincial goals. |
| Fixed Expense | Expenses that often have a fixed amount due ueach month, may be contractual, and are not easy to reduce or eliminate. |
| Flexible Expense | Expenses that often have a fixed amount due each month, may be contractual, and are not easy to reduce or eliminate. |
| Goal | The end result of something a person intends to acquire, achieve, do, reach, or accomplish. |
| Gross Income | The total amount of money earned during a pay period before payroll deductions. |
| Income | Money earned |
| Insurance | An arrangement between an individual and an insurance company to protect the individual against risk. |
| Liabilities | Debts or what is owed to others. |
| Need | An essential item required for life. |
| Net Gain | The positive amount of money remaining after subracting expenses from income. |
| Net Income | The amount of an individual's take-home pay after taxes and other deductions have been taken out. |
| Net Loss | The negative amount of money remaining after subtracting expenses from income. |
| Net Worth | The amount of money left when liabilities are subracted from assets. |
| Net Worth Statement | A financial statement that describes an individual or family's financial conditon on a specified date. |
| Savings | Portion of current income not spent on consumption. |
| Spending Plans | A paper or electronic document used to record both planned and acutal income through expenditures over a period of time. |
| Taxes | Citizen charges by local, state, and federal governments. |
| Value | A fundamental belief or practice about what is desireable, worthwhile, and important to an individual. |
| Want | Something unnecessary, but desired. |
| Wealth | Measurement of how much a person or household owns once all debts have been paid. |
