Budget- An estimate of income and expenditure for a set period of time.

Deficit- An excess of expenditure or liabilities over income or assets in a given period Discretional spending- spending category about which government planners can make choices Non-discretional spending- spending that's required by law Needs- Cannot avoid or help doing something: Opportunity costs- The loss of potential gain from other alternatives when one alternative is chosen. Wants- Have a desire to possess or do (something); wish for. Occasional expense- those costs associated with the many special people, events, and moments of our lives that occur sporadically throughout the year. Periodic Expense- Household expenses that occur generally one to four times a year, instead of monthly, such as quarterly insurance premiums or property tax payments. Surplus- An amount of something left over when requirements have been met; an excess of production or supply over demand. Scarcity- a small and inadequate amount. Budgets- An estimate of income and expenditure for a set period of time.

Assets- Property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies. Liability- The state of being responsible for something, esp. by law.

Investments- The action or process of investing money for profit or material result. Goals- An observable and measurable end result having one or more objectives to be achieved within a more or less fixed timeframe.

Net worth- In business, net worth (sometimes called net liabilities) is the total assets minus total outside liabilities