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economic
study
| Question | Answer |
|---|---|
| Assets: | Anything of material value owned by an individual or company. This may include your house, car, furniture - anything that's worth money |
| Bad debt | Debt taken on for items that a consumer (you) cannot afford and that does not generate opportunities for future income. (See good debt) |
| Bookkeeping: | The recording of financial transactions and exchanges |
| Budget | A plan for future spending and saving, weighing estimated income against estimated expenses. |
| Cash flow: | The total amount of money being transferred into or out of a business, account, or an individual's budget |
| Cost comparison | Comparing the cost of two or more goods or services in an effort to find the best value |
| Cost- Benefit analysis: | Analyzing whether the cost of an item is more than, equal to, or less than the benefit that comes from its purchase. |
| Expenses | The money an individual spends regularly for items or services. |
| Federal taxable wages: | The sum of all earnings by an employee that are eligible for a specific taxation. |
| Financial advisor | A professional who provides financial services and advice to individuals or businesses. |
| Financial Partnership | A relationship that requires financial interdependence, contribution, and communication |
| Financial plan | A strategy for handling one's finances to ensure the greatest future benefit. |
| Fixed expenses | Personal expenses that are the same each month |
| Good debt: | The concept that sometimes it is worth taking on certain types of debt in order to generate income in the long run. Some common examples of good or "useful" debt include college education loans and real state. (your home). |
| Gross income: | The total amount of money and individual has earned before voluntary deductions, such as 401(K) contributions, and involuntary deductions like taxes are taken out |
| Impulse spending: | Spur-of-the-moment, unplanned decision to buy, made just before a purchase. |
| Income: | Payment received for goods or services, including employment |
| Income tax: | Tax levied by a government directly on a personal income |
| Liabilities: | Everything that you owe, which may include your mortgage (house payment), credit balance, interest, student loans, and loans from family and friends. |
| Long - term financial goal: | a financial goal that will take longer thana year to achieve. |
| Needs: | Items needed in order to live, such a clothing, food and shelter. |
| Net income: | The amount an employee earns once taxes and other items are deducted from gross pay |
| Net worth: | Your financial wealth at one point in time. The formula to calculate net worth is simple: Net worth = assets - liabilities. |
| Opportunity cost: | The benefit or value that one must give up in order to buy or achieve something else |
| Purchase price: | The price paid for an item or service. |
| Short - term financial goal: | A financial goal that will require less than six months to achieve. |
| Tuition: | Fees paid in exchange for instruction from a school (e.g., primary, high school, college, vocational). |
| Unexpected expenses: | Unplanned for an unforeseen expense. An emergency fund can help with these expenses. |
| Variable expenses: |
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