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Money management: Paying for your unlimited wants and needs with your limited money
personal assets: Items of value.
net worth
cash flow statement: Reportage of money spent and wages.
fixed expenses: Costs that occur on a daily basis
variable expenses: Living cost that differ each time
Allowance: The amount of money you use for a certain activity
Budget variance: spending between actual expenses and budget amounts
Financial Plan: a report that shows how much money you spent and earned.
Individual retirement account (IRA):A tax sheltered account for retirement.
Estate Planning: when you die you give you house to someone.
Credit: The privilege of using someone else's money for a period amount of time.
Finance charge: The total amount of money you owe including interest and all other charges.
Down payment: A payment for a purchase with the money you have at the moment.
Installment loan: a loan where you pay the same amount every month.
Promissory note: a paper saying you will pay back your debt.
Collateral: Property that is offered for a long-term loan.
Cosigner: The party of a person who has not paid their debt
Credit rating: a person's reputation for paying bills
Bodily injury liability: Insurance that protects a driver from law
Medical payment coverage: Insurance that protects your family from car crashes.
Uninsured motorist coverage: Protection against hit and runners.
Property damage liability: Insurance to protect drivers from crash claims.
Collision coverage: Insurance that protects drivers against financial loss from a collision.
Deductible: the amount of money you pay before you can get cash from a claim.
Comprehensive Coverage: insurance that protects the insured against almost all damage losses except those caused

by a collision or rollover.