Money And Money Management Flashcards
What is Money?
Any object or material serving as a medium of exchange and a measure of value such as cheque
What is Money Management
It is a process that involves the planned use and control of money. It includes how people, spend, save and invest thier money
What are the 2 types of Income
Gross Income
Net Income
What are fixed expenses
Set amounts of money usually paid in the same amount over a period of time
Flexible expenses are
Expenses that change over a period of time
A standard of deferred payment
Money in the form of credit permits, a person acquires goods and services and pays for them later
Measure of Standard Value
Labeling money or goods allows consumers to compare financial in the past with the present
Examples of Fixed Expenses
Rent
Insurance
Taxes
Loans
Examples of Variable Expenses
Food
Transportation
Utilities
Clothing
Income is
The money earned from salary or investment