Thing 1 Quizlet

financial plan

a series of steps used to achieve one or more financial goals

money-management

day-to-day activities necessary to manage current resources while working toward long-term financial security

budget variance

difference between the money coming in vs. money going out

budget

estimate of income and expenses for a set amount of time

liabilities

financial obligations that must be paid to satisfy a contract

cash flow

money coming in and money going out over a set period

discretionary income

money left over after paying for housing, food, and other essentials

debt

money owed to an individual, company, or other organization

assets

resources with an economic value

income

revenue or earnings

resume

summarizes a persons' relevant education and job experience to apply for a job

deficit

the amount when actual spending exceeds planned spending

surplus

the amount when actual spending is less than planned spending

net worth

total assets minus total liabilities