The difference between the amount you own and the debts you owe.
What is net worth
100
A ____________________ is a document that provides information about an individual's current financial position and presents a summary of income and spending.
What is personal financial statement
100
The ______________ is the difference between the budgeted amount and the actual amount that you spend.
What is budget variance
100
Give two examples of a liquid asset
What is bank account and jewelry
200
A financial state that occurs if liabilities are greater than assets.
What is insolvency
200
The method of planning how to get the most from your money
What is money management
200
____________ is an abundance of valuable material possessions or resources.
What is wealth
200
Your __________________ or net pay, is the amount of income left after taxes and other deductions are taken out of your gross pay.
What is take-home pay
200
Name three long term loans
What is mortgage, student loan and car loan
300
A small, secure storage compartment that can be rented in a bank
What is safe-deposit box
300
The money left over after essentials are paid for
What is discretionary income
300
Because Jim's net cash flow is positive, he has a _________, extra money that can be spent or saved.
What is a surplus
300
__________________ is land and any structure that you have on it, such as a house or any other building that a person or family owns.
What is real estate
300
What is a fixed expense? Give three examples
What is expense that does not change monthly. Mortgage, car loan, insurance, any bank loan
400
A plan for using money to meet wants and needs
What is budget
400
Cash and items that can be quickly converted to cash
What is liquid assets
400
If Jason's net cash flow were negative, he would have a ______________, which is a financial situation that occurs when more money is spent than earned.
What is deficit
400
A ________________ also called a net worth statement, is a financial statement that lists items of value owned, debts owed, and a persons net worth.
What is personal balance sheet
400
What are variable expenses? Give three examples
What is expenses that change on a monthly basis. utilities, gas for car, entertainment, some medical costs.
500
The debt that you owe
What is liabilities
500
The inflow or outflow of money that goes into and out of your wallet and bank accounts.
What is caash flow
500
The US Department of Labor produces the _________________, which is a measure of the changes in prices for commonly purchased goods and services in the U.S.
What is CPI
500
______________ are items of value that an individual or company owns, including cash, property, personal possessions and investments
What is asset
500
How do you calculate net worth by using a personal financial statement.