Money Managment

Day to day financial activities associated with using limited income to satisfy unlimited needs and wants

Assets

Items of Value

Balance Sheet

the financial statement that reports what a person or family owns as well as owes

Cash Flow Statement

the financial statement that reports net wages and other income along with spending for a given period of time

Discretionary Income

Income available to spend after money has been set aside for basic needs and furture expenses

Expenditures

The amounts spent for food, clothing, and transportation and other living costs

Net Income

The amount recieved after taxes and other deductions have been subtracted from total earnings

Liabilities

Amount owed to others

Net Income

The amount recieved after taxes and other deductions have been subtracted from total earnings.

Owners Equity

The Difference between a person's or families assets or liabilities