Chapter 3 Personal Finance

The price at which a property would sell

What is Net Worth?

Define Wealth

The amount of income left after taxes and other deductions are taken out of your gross pay

The money that actually goes into and out of your wallet and bank account

The difference between the budgeted amount and the actual amount that you spend

Extra money that can be spent or saved depending on a person's financial goals and values

Any item of value that an individual or company owns, including cash, property, personal items

A financial state that occurs if liabilities are greater than assets

Planning how to get the most from your money

Cash and items that can be quickly converted to cash

A doc that has one's current financial position and presents a summary of income and spending

A small secure storage compartment that you can rent in a bank, usually for $100 a year or less

Land and any structures that are on it that a person or family owns

The money you receive is your

A financial statement that lists items of value owned, debts owed, and a person's net worth

Liabilities are the