Balance Sheet
Any items of value that you own.
What are assets?
Summary by period of your cash inflows and outflows.
What is a cash flow statement?
Spent less than budgeted.
What is a budget surplus?
Expenses that do not vary month-to-month.
What are fixed expenses?
Liabilities that do not have to be repaid fully for at least a year.
What are long-term liabilities?
Debts that you owe.
What are liabilities?
Is the amount of money earned (before deductions).
What is gross pay?
Spent more than budgeted.
What is a budget deficit?
Land and any structures on it (house or building).
What is real estate?
Short-term liabilities; have to be paid within one year.
What are current liabilities?
The difference between what you own and owe,
What is net worth?
A positive net cash flow (extra money to spend/save).
What is a surplus?
The way you should set your personal and financial goals.
What are SMART goals?
Another name for a balance sheet.
What is a net worth statement?
Cash and items that can be quickly converted to cash.
What are liquid assets?
The price at which the property would sell.
What is market value?
Expenses that change month-to-month.
What are variable expenses?
The difference between the budgeted amount and the actual amount spent.
What is a budget variance?
The value of your next best option.
What is an opportunity cost?
Give information about your current financial position and present a summary of income and spending.
What are personal financial statements?
The inability to pay debts when they are due.
What is insolvency?
Is money left after paying expenses?
What is discretionary income?
Putting money into savings before you consider other expenses.
What is "paying yourself first?"
Includes money or other items of value that people can use to acquire goods and services.
What are financial resources?
Day-to-day financial activities necessary to get the most from your money.
What is money manegment?