Terms in Family and resource management.

1. Money Terminology

2. Money
This is “any object or material
serving as a medium of
exchange and a measure of
value, such as cheques drawn on
a bank.

3. Legal Tender
◦ This is any means of payment, that is, form of money that is
accepted by law in settlement of debt.

4. Income- Money Earned from salary of investment
◦Gross Income- This consist of all income received in the
form of money
◦Net Income – This is the portion of the income received by
the employee after government taxes and other dues have
been deducted.

5. Expenditure- this is an amount of money that has been
spent .
◦ Fixed Expenses – These are the set amounts that are usually paid in
the same amount during each time period.
◦ Flexible Expenses – These are the items that come up regularly in
the budge but in varying amounts and frequency for example utilities,
food, clothing and entertainment.

6. Budgeting
◦Budgeting is the process of planning, organizing,
monitoring and controlling future income and
expenditure that results in the preparation of a
budget.

7. Thank you