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20 Cards in this Set
- Front
- Back
Assets
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Anything of value owned by a person or business.
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Balanced Budget
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Money coming in is equal to money going out.
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Budget
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A spending plan and a list of spendable funds.
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Deficit
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Spending more than you have from income.
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Discretionary Spending
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The spender has a choice, they don't have to spend money.
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Disposable Income
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Amount left after deductions (e.g. taxes)have been taken from your gross pay. Also known as Net Income.
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Emergency Funds
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Money set aside or budgeted for unanticipated but necessary expenditures.
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Fixed Expenses
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Expenses that do not generally change from month to month.
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Goals
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Any future plans or objectives that require specific financing.
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Investment
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Property or another possession acquired for future financial benefit.
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Liability
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Financial obligation or debt for which a person is responsible.
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Nondiscretionary Spending
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No choice, spender must pay (e.g. income tax).
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Needs
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Goods and services an individual must have to survive.
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Net Worth
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Total assets minus total liabilities.
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Opportunity Cost
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The cost of passing up the next best alternative.
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Occasional Expense/Periodic Expense
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Expenditure of money that does not occur on a regular basis.
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Scarcity
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Limited resources and unlimited wants.
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Surplus
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The amount that income exceeds expenditure.
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Trade-offs
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Giving up one want in order to satisfy another.
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Variable Expenses
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Expenses that vary from month to month (e.g. food, clothes).
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