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WorksheetsPF OBJ 2.04 - 2.05 Vocab
Total questions: 11
Worksheet time: 6mins
Expense
Money spent
Take home pay
The portion of current income not spent on consumption
When expenses are greater than income
Gross income
Money received
When income is greater than expenses
When expenses are greater than income
An individual’s income earned as salary or wages before taxes and other deductions
Income
Money received
Money spent
A payment, usually monthly, applied to the balance of a home loan used when purchasing housing
A product that transfers risk from an individual to an insurance company or organization
Income and Expense Statement
An individual’s income earned as salary or wages before taxes and other deductions
Lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year
A payment, usually monthly, applied to the balance of a home loan used when purchasing
housing
When expenses are greater than income
Insurance
When income is greater than expenses
Lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year
Personal property that was purchased to create a lifestyle or improve your life
A product that transfers risk from an individual to an insurance company or organization
Mortgage
Money spent
A payment, usually monthly, applied to the balance of a home loan used when purchasing housing
The amount you could realistically sell an asset for today
Items of monetary value a person or household owns
Net gain
When income is greater than expenses
When expenses are greater than income
Money spent
Money received
Net income
An individual’s income earned as salary or wages before taxes and other deductions
Take home pay
The portion of current income not spent on consumption
When expenses are greater than income
Net loss
When income is greater than expenses
An individual’s income earned as salary or wages before taxes and other deductions
When expenses are greater than income
The portion of current income not spent on consumption
Savings
The portion of current income not spent on consumption
A product that transfers risk from an individual to an insurance company or organization
When income is greater than expenses
An individual’s income earned as salary or wages before taxes and other deductions
Spending plan
An income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time
Lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year
A financial statement that describes an individual or family’s financial condition on a specified date by showing assets, liabilities, and net worth
A measurement of how much a person or household owns once all debts have been paid
