⬛ CH 9 Consumer Economics ⬛

October 2026

balance sheets

statement of what you own and what you owe

net income

amount of money you expect to receive after paycheck deductions

assets

items of value

credentials

licenses, certifications, and degrees that show qualification

pro bono

no charge

budget

plan for spending and saving money

net worth

difference between assets and liabilities

liabilities

bets or obligations owed to others

online bill presentment

receiving bills over the Internet

fixed expenses

regular payments that don’t vary in amount

archive

stored non-current records

online bill payment

paying bills electronically

online banking

conducting business with financial institutions over the Internet

discretionary expenses

expense categories that are not necessary

safe deposit box

locked box

gross income

total amount of money you expect to earn before taxes and deductions 

variable expenses

expenses that normally increase or decrease