Shared Flashcard Set

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flash card
flashcard
20
Business
12th Grade
02/21/2013

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Cards

Term
financial literacy
Definition
it is the understanding of the basic knowledge and skills needed to manage financial resources
Term
bedget
Definition
is a spending plan for the use of money over time based on goals and expected income
Term
income
Definition
it is any form of money you receive such as an allowace a paycheck and gains from an investment
Term
expense
Definition
th cost
Term
financial literacy
Definition
it is the understanding of the basic knowledge and skills needed to manage finacial resources
Term
bedget
Definition
is a spending plan for the use of money over time based on goals and expected income
Term
income
Definition
it is any form of money you recevie such as an allowace apaycheck and gains from an investment
Term
expense
Definition
it is the coast of good ans services you buy
Term
fixed expense
Definition
is a set cost that must be paid each budget period
Term
variable expense
Definition
is a cost that changes both in the amount and time it must be paid
Term
philanthropy
Definition
it is the coast of giveing money goods,or services
Term
cash flow statement
Definition
is a summary of the amount of moey recived as well as the amount
Term
net worth staement
Definition
is the diffrence between waht you wen and what you owe
Term
net worth
Definition
is the difference between what you won and what you owe
Term
liablity
Definition
is a financial obligation that you currently woe or will woe in the feture
Term
wealth
Definition
it refers to an aboundance of assets that are accumulated over time
Term
family life cycle
Definition
refers to the stages a family passed through from formation to agining.
Term
demographics
Definition
refer to the statistical characheristics of the population
Term
family crisis
Definition
is a mahor 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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