Chapter 7 Vocabulary
| Money is very active... it is always moving and can be utilized in many ways.
| ATM Card
| Automated Teller Machine card which allows you to make transactions in Automated Teller Machines.
| A cash flow plan. Every dollar you make is assigned to a specific category / expense at the beginning of each month or pay period.
| Carbon Checks
| Checks that have a second copy behind them made of special paper which makes a copy of each check as you write them.
| A type of card (often backed up by a major credit card company) that is issued by a bank and used to make purchases. Unlike a credit card, the money comes directly out of the user's checking account. (Also called a "Check Card".)
| Self-control used in directing behavior. The key to wealth building is being consistent (self-disciplined) over time.
| Envelope System
| A series of envelopes, divided into pre-determined categories, used to store cash for planned monthly expenses. This is a self-imposed discipline tool to help people manage their monthly finances. Possible categories include food, entertainment, gas, etc.
| Collecting unneeded items or much more than necessary and then guarding them.
| Impulse Purchase
| To buy an item without thinking about it.
| Refusing to give up.
| Controlling a situation by causing something to happen rather than waiting to respond to it after it happens. This takes a strong initiative.
| To put off until later; waiting until the last minute.
| To match your bank statement with your checkbook, preferably within 72 hours of receiving the statement.
| Zero-based Budget
| Cash flow plan that assigns an expense to every dollar of one's income: (total income) - (total expenses) = zero.
| 1. Money is very active.
2. Automated Teller Machine card which allows you to make transactions. 3. Budget is a cash...
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