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Most Important Terms Review:

1. Budgeting: Creating a plan to manage your income and expenses
2. Income: Money received through work, investments, allowances, or scholarships
3. Savings: The action of setting aside money for future needs, possible emergencies, or financial goals.
4. Debt: A sum of money that is owed
5. Needs vs. Wants: Differentiating essential expenses versus discretionary expenses
6. Financial Responsibility: The process of managing money productively.
7. Financial Goals: Setting objectives for short and long-term financial achievements
8. Budget Deficit: Having more expenses than income = negative cash flow
9. Budget Surplus: Having more income than expenses = positive cash flow
10. Fixed Expenses: Expenses that remain constant from month to month (rent, insurance, etc.)
11. Variable Expenses: Expenses that change from month to month (grocery bill, travel costs, appointments, etc.)
12. Credit Score: A prediction of how likely you are to pay a loan back on time (based on your credit reports)
13. Taxes: A compulsory contribution to state revenue levied by the government