A | B |
Money Management | Planning how to get the most from your money |
Safe-Deposit- Box | A small secure storage compartment that you can rent in a bank |
Personal Financial Statement | A financial statement that lists items of value owned, debts owed, and a person’s net worth |
Net Worth | The difference between the amount that you own and the debts that you owe |
Assets | Any items of value that an individual or company owns, including cash, property, personal possessions, and investments |
Wealth | An abundance of valuable material possessions or resources |
Liquid Assets | Cash and items that can be quickly converted to cash |
Real Estate | Land and any structures that are on it, such as a house or any other buildings that a person or family owns |
Market Value | The price at which property would sell |
Liabilities | The debts that you owe |
Insolvency | A financial state that occurs if liabilities are greater than assets |
Cash Flow | Money that actually goes into and out of your wallet and bank accounts |
Income | Your cash inflow or money that you receive |
Take-Home Pay | The amount of income left after taxes and other deductions are taken out of your gross pay |
Discretionary- Income | The money left over after paying for the essentials, such as food, clothing, shelter, transportation, and medication. |
Surplus | Extra money that can be spent or saved, depending on a person’s financial goals and values |
Deficit | The financial situation that occurs when more money is spent than is earned or received |
Budget | A plan for using money to meet wants and needs |
Consumer Price Index (CPI) | A measure of the changes in prices of commonly purchased goods and services in the United States |
Budget Variance | The difference between the budgeted amount and the actual amount that you spend |