Chapter 16-1, 16-2, & 18-1 | |
VOCAB WORDS | DEFINITION |
money management | the day-to-day financial activities asssociated with using limited income t satisfy our unlimited needs and wants |
personal assets | items of value |
net worth | the difference between a person's assets and liabilities |
cash flow statement | a financial statemnet that reports net wages and other income along with spending for a period, such as for a month |
fixed expenses | costs that occur on a regular basis nd are for the same amount each time |
variable expenses | living costs that differ each time and may not be as easy to estimate |
allowance | the amount of money you plan to use for a certain budget category |
budget variance | any difference between actual spending and budgeted amounts |
credit | the privilage of using someone else's money for a period of time |
finance charge | the total dollar cost of credit including interest and all other charges |
down payment | a payment of part of the purchase price that is made as part of a credit agreement |
installment loan | a loan in which you agree you make monthly payments in specific amount over a period of time |
Promissory notes | a written promis to repay based on a debtor's excellent credit history |
collateral | property that is offered as security for some loan agreements |
cosigner | the party responsible for payment of a note if the borrrower does not pay as promised |
credit rating | a person's reputation for paying bills on time |
Note
Studied by 15 people