FACS Flashcards
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Assets
An item with economic value, such as stock or real estate.
Budget
A plan that outlines what money you expect to earn or receive (your income) and how you will save it or spend it (your expenses) for a given period of time; also called a spending plan.
an amount of money you can spend within a given time
Saving
Money you have set aside in a secure place, such as in a bank account, that you can use for future emergencies or to make specific purchases.
Expenditures
Money spent; money going out.
Diversified
Invested in a variety of companies to reduce risks.
Long term
Goals that can take more than five years to achieve.
Short term
Goals that can take a short time, or up to five years, to reach.
Credit
Borrowing money, or having the right to borrow money, to buy something. Usually it means you’re using a credit card, but it might also mean that you got a loan.
Credit card debt
The money owed that was borrowed through credit card use.
Financial security
The ability to meet all financial needs, today and over time; feel secure in the financial future; absorb a financial shock; and have the financial freedom to make choices to enjoy life.
Liabilities
Debts; things that you owe.
Recession
