Personal Finance Vocab

What are goals?

• Things you want to accomplish
• Items that you like
• Things that you do not want to do
• Ideas that help you create things

When more money is spent than is earned or received you have a(n)...

• Surplus
• Deficit
• Budget
• Asset

The amount of income you have before taxes and other deductions are taken out.

• Paycheck
• Net Pay
• Gross Pay
• Minimum Wage

You have a discretionary income when you...

• don't have enough money to pay your bills
• pay taxes
• have money left over after paying for your needs and essentials
• spend more than you save

A commitment to work in a field that you find fulfilling.

• Education
• Part-Time Work
• Job
• Career

The ability to easily convert financial assets to cash.

• Opportunity Cost
• Checking Account
• Budget
• Liquidity

You have a surplus when...

• Your income is higher than your expenses
• Your expenses are higher than your income
• You don't make enough money
• A check payment is declined

Items of value that an individual or company owns are called...

• Items
• Assets
• Things
• Interest

A plan for using money to meet wants/needs is called a

• Spreadsheet
• Opportunity Cost
• Budget
• Financial Advisor

The amount of income left after taxes and other deductions are taken out.

• Gross Pay
• Surplus
• Deficit
• Net Pay