Unit 3 - Personal Budgets and Consumer Decision Making

The debts that you owe?

• Liabilities

• Income

• Surplus

• Assets

A mortgage payment is an example of a?

• Variable Expense

• Fixed Expense

Money left over after paying the essentials (such as food, shelter, transportation)?

• Net Pay

• Discretionary Income

• Deficit

• Insolvency

Type of expenses that change from month to month?

• Variable Expenses

• Fixed Expenses

Financial situation that occurs when you spend more money than you make?

• Deficit

• Surplus

• Cash Flow

• Budget

Financial statement that lists items of value owned, debts owed and person's worth>

• Cash Flow

• Budget

• Net Worth

• Tax Return

Debt that is paid off within one year, such as medical bills or a credit card bill?

• Current Liability

• Equity

• Liquid Asset

• Long Term Liability

Financial state that occurs if liabilities are greater than assets?

• Surplus

• Budget

• Insolvency

• Cash Flow

Which of the following is the most liquid asset?

• Car

• 401k

• Cash

• House

The money you receive (aka cash inflow)

• Liabilities

• Income

• Surplus

• Expenses