Money Management
planning how to get the most out from your money
safe-deposit box
a small secure storage compartment that you can rent in a bank, usually for $100 a year or less
personal financial statement
a document that provides information about an individuals current financial position and presents a summary of income and spending
personal balance sheet
also called a net worth statement, a financial statem,ent that lists items of value owned, debts owed, and a person's net worth
net worht
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 assests
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 building 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 assests
cash flow
the money tha actually goes and out of your wallet and bank accounts
income
the money that you recieve
take-home pay
net pay, the amount of incomeleft after taxes and other deductions that are taken out of your gross pay
discretionary income
the money left over after paying for the essentials such as food clothing shelter transportationand medicine``
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 moneyis spent than is earned or recieved
budget
a plan for using money to meet wants and needs
consumer price index
am measure of the changes in prices for commonly purchased goods and services in the US
budget variance
the difference between the budgeted amount and the actual amount that you spend