Studied by 2 people
Assets
money and items of value that you own
budget
A plan for making and spending money
discretionary income
money that remains after paying for taxes and necessities
expenses
the cost required for something; the money spent on something.
Financial Goals
plans for how you will pay for your personal goals
financial plan
a plan listing personal and financial goals along with steps and a timeline for reaching them
financial resources
money or other items of value that are used to acquire goods and services
fixed expenses
costs that don't change each month
identity theft
A crime that involves someone pretending to be another person
liability
debt you must pay
net worth
total assets minus total liabilities
opportunity cost
the value of something that you gave up
personal goals
things you want to achieve in your life
Phising
an identity theft tool that appears in the form of an E-mail or pop-up message; usually looks like it's from your bank.
Trade-off
Giving up one thing for another
variable expenses
expenses that change from month to month
Variances
the differences between planned amounts and actual amounts
favorable variance
when the actual amount is less than the planned amount
unfavorable variance
when the actual amount is more than the planned amount
Wants
things that add comfort and pleasure to your life
Note
Flashcard