Chapter 1.2 Personal Finance

____________ is when you give up a particular benefit or item to get another that you think is more desirable.

• Trade off

• Expenses

• Liabilities

• Inflation

____________ is the amount of money a person has to spend after needs are met.

• Trade off

• Discretionary income

• expenses

• budget

_____________ differences between planned income or spending and actual income or spending in a budget.

• Net Worth

• Assests

• Variances

• Fixed Expenses

____________ is/are debt that you owe that must be repaid.

• Assets

• Money

• Liabilities

• Net Worth

__________ are money and items of value that you own.

• Assets

• Net Worth

• Inflation

• Trade off

_____________ is to allocate or provide for an amount of money.

• Budgeting

• Budget

• Net Worth

• Variable expenses

________________ are expenses that can go up and down each month

• Fixed Expenses

• Net Worth

• Inflation

• Variable Expenses

______________ is a plan for saving and spending

• Budgeting

• Budget

• Fixed Expense

• Net Worth

_____________ is the difference between your assets and your liabilities

• Net Worth

• Money

• Fixed Expenses

• Trade-off

____________ are expenses that do not change each week.

• Fixed Expenses

• Net Worth

• Liabilities

• Discretionary income