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A variable cost is a corporate expense that varies with production output

Variable Expenses change every month/day.

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Expenses that have to be paid regularly, usually every month such as rent and car payments.

Fixed expenses don't change every month.

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A plan for making and spending money

A budget is essential for financial success.

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An excess of federal expenditures over federal revenues

Deficit can be large or small.

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A situation in which quantity supplied is greater than quantity demanded

I have a surplus of cookies at my house.

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The cost of assets consumed or services used in the process of generating revenues

I don't buy things with big expenses.

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net income

My take-home pay is smaller than my gross pay.

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Collection of loans, sale of property/ plant/ equipment, and sale of long or short term for sale held to maturity securities

I am incharge of some of my income.

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Movement of the money you receive and the money you spend.

Cash flow happens everyday.

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Unable to pay one's bills; bankrupt

It is not good to be insolvent.

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Able to meet one's financial obligations.

It is good for things to be solvent.

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A financial obligation of a company. Something that the company owes to someone else.

Companies have liabilities.

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The price a seller can expect to receive for a product in a competitive marketplace.

I gambled the market value down.

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The land and all those items which are attached to the land.

My mom is a real estate agent.

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Resources such cash that are easily converted into other assets or used to pay for goods, services, or liabilities

Cash is a liquid asset.

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The total value of money and other assets, minus outstanding debts

Donald Trump has lots of wealth.

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Anything of value that is owed

I have many assets.

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Total assets minus total liabilities

My net worth is very large.

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Give investors an idea as to what the company owns and owes, as well as the amount invested by shareholders.

I gave my investor my personal balance sheet.

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A document or spreadsheet outlining an individual's financial position at a given point in time

I revcieve my personal finance statement every year.

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Difference between the budgeted or baseline amount of expense or revenue and the actual amount

It is better to have a positive budget variance.

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A box usually located inside a bank- which is used to store valuables. A safe deposit box is rented from the institution and can be accessed with keys, pin numbers or some other security pass

I lost the pin to my safe-deposit box.

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Planning how to get the most from your money.

By using money management, I can now afford a car.