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Ch.2
Making Smart Decisions
| Term | Definition |
|---|---|
| Budget | A plan for the use of money over time based on goals, expenses, and expected income |
| Income | Any form of money received, such as an allowance, a paycheck, gifts, and gains from an investment |
| Expense | The cost of goods and services you buy |
| Fixed Expense | A set amount that must be paid each budget period |
| Variable Expense | A cost that changes both in the amount and time it must be paid |
| Discretionary Expense | An amount spent for an item that a person could do without |
| Philanthropy | The act of giving money, goods, services, to meet the needs of others and support organizations and causes that are important to you |
| Cash Flow Statement | A summary of the amount of money received and the amount paid for goods and services during a specific period |
| Net Worth Statement | A written record of an individual's current financial situation |
| Net Worth | The difference between what you own and what you owe |
| Asset | An item of value that you own, such as cash, stocks, bonds, real estate, and personal possessions *It is divided into two basic categories: Current & Fixed |
| Liability | A current or future financial obligation *Include unpaid bills, credit cards charges, mortgages, personal loans, and taxes* Divided into Current liabilities & Long-term liabilities |
| Wealth | An abundance of money and other assets *Includes investments, property, a business, cash, and other items of value that contribute significantly to financial security and high standard of living and giving |
| Recordkeeping | The process of setting up an organized system or financial and legal documents |
| Legal Document | A paper that can be filled with a court officer or used to uphold an agreement in a court of law such as a marriage certificate, auto loan, mortgage, or credit and agreement *Records may be printed(hard) copies and others may be digital |
| Money Management Software | A computer program used to organize daily finances and keep track of income, spending, savings, debts, investments, and other fincancial data |
| Written Roomate Agreement | A document that contains the rules reltated to the living arrangements and expenses and is signed by all roomates *It lets everyone know what to expect and how problems will be solved |
| Family Life Cycle | The stages a family passes through over its lifetime |
| Stages in the Life Cycle | Typical patterns of social and financial behavior families follow at different periods in the life cycle |
| Variations in the Life Cycle | Patterns that differ from typical families |
| Family Financial Crisis | A major problem that changes the future of the family and its lifestyle |
Created by:
Jakea Harris
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