Shared Flashcard Set

Details

Financial Security
Personal Finance
16
Finance
12th Grade
02/21/2013

Additional Finance Flashcards

 


 

Cards

Term
Financial literacy
Definition
The understanding of the basic knowledge and skills needed to manage financial resources.
Term
Budget
Definition
A spending plan for the use of money over time based on goals and expected income.
Term
Income
Definition
Any form of money you recieve, such as an allowance, a paycheck, and gains from an investment.
Term
Expense
Definition
The cost of goods and services you buy.
Term
Fixed expense
Definition
A set cost that must be paid each budget period.
Term
Variable expense
Definition
A cost that changes both in the amount and time it must be paid.
Term
Philanthropy
Definition
The act of giving money, goods, or services for the good of others.
Term
Cash flow statement
Definition
A summary of the amount of money recieved as well as the amount paid out for goods and services during a specific period.
Term
Net worth statement
Definition
A written record of your current financial situation.
Term
Net worth
Definition
The difference between what you own and what you owe.
Term
Liability
Definition
A financial obligation that you currently owe or will owe in the future.
Term
Wealth
Definition
An abundance of assets that are accumulated over time.
Term
Family life cycle
Definition
The stages a family passes through from formation to aging.
Term
Demographics
Definition
The statistical characteristics of the population.
Term
Family crisis
Definition
A major problem that impacts the future of the family and its lifestyle.
Term
Recordkeeping
Definition
The process of setting up and maintaining an organized system for your financial affairs.
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