Chapter 3 - Money Management

3. cash inflow is the money you receive.
5. the debts that you owe.
6. or net pay, is the amount of income left after taxes and other deductions are taken out of your gross pay.
7. land and any structures that are on it, such as a house or any other building that a person or family owns.
8. a measure of the changes in prices for commonly purchased goods and services in the US.
9. is the difference between the amount that you own and the debts that you owe.
10. a document that provides information about an individual’s current financial position and presents a summary of income and spending.
13. may change from money to money.
16. are cash and items that can be quickly converted to cash.
18. is a financial state that occurs if liabilities are greater than assets.
19. is the difference between the budgeted amount and the actual amount that you spend.
20. is an abundance of valuable material possessions or resources.

1. is the financial situation that occurs when more money is spent than is earned or received.
2. the money left over after paying for the essentials, such as food, clothing, shelter, transportation, and medication.
4. are those that are more or less the same each month.
10. also called a net worth statement, a financial statement that lists items of value owned, debts owed, and a person’s net worth.
11. is planning how to get the most from your money.
12. a small, secure storage compartment that you can rent in a bank, usually for $100 a year or less.
14. the money that actually goes into and out of your wallet and bank accounts.
15. are any items of value that an individual or company owns, including cash, property, personal possessions, and investments.
17. extra money that can be spent or saved, depending on a person’s financial goals and values.
19. is a plan for using money to meet wants and needs.