Managing Finances

plan for the use of money over time based on goals, expenses, and expected income

• budget

• expense

• savings

any form of money received, such as allowances, a paycheck, gifts, and gains from an investment

• income

• expense

• budget

cost of goods and services you buy

• budget

• income

• expense

a set amount that must be paid each budget period

• variable expense

• fixed expense

• discretionary expense

cost that changes both in the amount and time it must be paid

• fixed expense

• variable expense

• discretionary expense

an amount spent for an item that a person could do without

• fixed expense

• variable expense

• discretionary expense

the act of giving, money, goods, or services to meet the needs of others and support organizations and causes that are important to you

• charity

• philantropy

• philosophy

a summary of the amount of money received and the amount paid for goods and services during a specific period

• budget plan

• cash flow statement

• net worth statement

a written record of an individual’s current financial situation

• net worth statement

• budget plan

• cash flow statement

difference between what you own and what you owe

• net worth

• asset

• debt