Unit 3 Topic 1 Flashcards
1
Q
Assets
A
Things that a person or a business owns. For a person their assets might include property, jewellery or financial products such as company shares.
2
Q
Contingency plan
A
A plan to deal with unexpected changes in income and expenditure.
3
Q
Deficit
A
Where expenditure exceeds income
4
Q
Surplus
A
Income that exceeds mandatory and essential expenditure, which means that an individual can choose how to save or spend it.
5
Q
Sustainable personal finance
A
Achieving and maintaining a balance between personal income and expenditure to satisfy needs, wants and aspirations within a budget.
