Chapter 7 Flashcards
Card which allows you to make transactions in Automated Teller Machines.
ATM Card
Money is very _____… it is always moving and can be utilized in many ways.
Active
A cash flow plan. Every dollar you make is assigned to a specific category / expense at the beginning of each month or pay period.
Budget
Checks that have a second copy behind them made of special paper which makes a copy of each check as you write them.
Carbon Checks
Money.
Currency
A type of card (often backed up by a major credit card company) that is issued by a bank and used to make purchases. Unlike a credit card, the money comes directly out of the user’s checking account. (Also called a “Check Card”.)
Debit Card
Self-control used in directing behavior. The key to wealth building is being consistent (self-disciplined) over time.
Discipline
A series of envelopes, divided into pre-determined categories, used to store cash for planned monthly expenses. This is a self-imposed discipline tool to help people manage their monthly finances. Possible categories include food, entertainment, gas, etc.
Envelope System
Collecting unneeded items or much more than necessary and then guarding them
Hoarding
To buy an item without thinking about it.
Impulse Purchase
Refusing to give up.
Persistent
Controlling a situation by causing something to happen rather than waiting to respond to it after it happens. This takes a strong initiative.
Pro-active
To put off until later; waiting until the last minute.
Procrastinate
To match your bank statement with your checkbook, preferably within 72 hours of receiving the statement.
Reconcile
Cash flow plan that assigns an expense to every dollar of one’s income: (total income) - (total expenses) = zero.
Zero-based Budget
