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Financial Security
Vocabulary
16
Finance
11th Grade
02/21/2013

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Term
financial literacy
Definition
the understanding of the basic knowledge and skills needed to manage financial resources
Term
budget
Definition
An estimate of income and expenditure for a set period of time
Term
income
Definition
Money received, esp. on a regular basis, for work or through investments.
Term
expense
Definition
The cost required for something; the money spent on something.
Term
fixed expense
Definition
Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change
Term
variable expense
Definition
expenses that change in proportion to the activity of a business
Term
philanthrophy
Definition
1.The desire to promote the welfare of others, expressed esp. by the generous donation of money to good causes
Term
cash flow statement
Definition
In financial accounting, a cash flow statement, also known as statement of cash flows or funds flow statement, is a financial statement...
Term
net worth statement
Definition
A financial statement that lists an individual’s or family’s assets and liabilities and their values as of a specific date.
Term
net worth
Definition
In business, net worth (sometimes called net liabilities) is the total assets minus total outside liabilities of an individual
Term
liability
Definition
A thing for which someone is responsible, esp. a debt or financial obligation
Term
wealth
Definition
The state of being rich; material prosperity.
Term
family life cycle
Definition
The stages of family life common in the United States, including singlehood, marriage, married with children, senior couples, and singles
Term
demographics
Definition
Statistical data relating to the population and particular groups within it: "the demographics of book buyers".
Term
family crisis
Definition
situation when the family members “need” to make a change either to make things better or let things get worse.
Term
recordkeeping
Definition
Records management, or RM, is the practice of maintaining the records of an organization from the time they are created to the time they are complete.
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