Expense Report
An expense that remains the same amount every month, such as rent or a flat-rate subscription.
What is a fixed expense
Anything of value that an individual or business owns.
What is an asset
Money received on a regular basis through work, investments, or transfers.
What is income
An estimate of income and expenditure for a set period of time used to plan future spending.
What is a budget
Voluntary giving of help, money, or resources to those in need.
What is charity
An expense that changes in amount from month to month, like utility bills or groceries.
What is a variable expense
Any financial debt or obligation owed to another party.
What is a liability
Money spent or paid out to cover costs.
What is an expense
Digital programs designed to help users track spending, create budgets, and manage personal finances.
What is money management software
Enforceable paper or digital agreements that establish rights, duties, or financial obligations.
What is a legal document
Money spent on non-essential items or wants rather than basic needs.
What is a discretionary expense
The total value calculated by subtracting your total liabilities from your total assets.
What is net worth
A savings set aside specifically to cover unexpected life events or financial emergencies.
What is an emergency fund
Computer applications—like Excel or Google Sheets—that arrange data in rows and columns to perform calculations and financial modeling.
What is a spreadsheet
The idea that individuals and organizations have a duty to act in ways that benefit society as a whole.
What is social responsibility
The practice of automatically routing a portion of your income into savings before paying any other bills or spending money.
What is "pay yourself first"
A financial document that provides a snapshot of an individual's assets, liabilities, and overall net worth at a specific point in time.
What is a net worth statement
A financial document summarizing the total inflow and outflow of cash over a specific period.
What is a cash flow statement
The systematic process of storing, organizing, and maintaining financial records and receipts.
What is recordkeeping
The complete duration of an individual's life, during which financial needs and goals evolve through different stages.
What is a life span
The remaining money left over from your earnings after all mandatory expenses and basic needs have been paid.
What is discretionary income
How quickly and easily an asset can be converted into spending cash without losing its value.
What is liquidity
An accumulation of valuable material resources, assets, or total financial capital.
What is wealth
The process of inspecting, cleaning, and modeling financial metrics to discover useful information and support decision-making.
What is data analysis
The ongoing, dynamic process of defining life goals, assessing assets, and creating actionable strategies to achieve long-term financial security.
What is the nature of financial planning