Budgeting and Taxes Vocabulary

Being able to describe a money goal and how to achieve it

• Balance Sheet

• Budget

• Budget Variance

• Financial Plan

Describes a person's finances at any given time

• Balance Sheet

• Budget

• Budget Variance

• Financial Plan

Detailed plan looking forward to how money will be spent in the future

• Balance Sheet

• Budget

• Budget Variance

• Financial Plan

Difference between planned spending and actual spending

• Balance Sheet

• Budget

• Budget Variance

• Financial Plan

Excess amount of income causing increased net worth

• Cash Deficit

• Cash Surplus

• Expenses

• Income

Excess amount of expenses causing decrease in net worth

• Cash Deficit

• Cash Surplus

• Expenses

• Income

Money spent on living costs

• Cash Deficit

• Cash Surplus

• Expenses

• Income

Earnings received for work or sale of assets

• Cash Deficit

• Cash Surplus

• Expenses

• Income

When net worth is less than zero

• Insolvency

• Investment

• Fair Market Value

• Liability

Stocks, bonds, or real estate that offer a return on money paid

• Insolvency

• Investment

• Fair Market Value

• Liability