Reference library exploring leadership & human performance

Category: Money & Wealth Page 11 of 14

Thrive

1. To grow vigorously; flourish: Some plants thrive in dry conditions2. To be successful or make steady progress; prosper.

Good Life

1. A life abounding in material comforts. 2. A life lived in accordance with moral or religious precepts. 3. A philosophical term for the life that one would like to live, originally associated with Aristotle.

Cheap

1. Costing relatively little; inexpensive; good value2. Charging low prices: a cheap hairdresser. 3. Of poor quality; shoddy: cheap furniture; cheap and nasty. 4. Worth relatively little: promises are cheap. 5. Not worthy of respect; vulgar. 6. Ashamed; embarrassed: to feel cheap. 7. Stingy; miserly. 8. Mean; despicable: a cheap liar.

Economy

1. Careful management of resources to avoid unnecessary expenditure or waste; thrift. 2. A means or instance of this; saving 3. Sparing, restrained, or efficient use, esp to achieve the maximum effect for the minimum effort: economy of language. 4. The complex of human activities concerned with the production, distribution, and consumption of goods and services. 5. A particular type or branch of such production, distribution, and consumption: a socialist economy; an agricultural economy. 6. The management of the resources, finances, income, and expenditure of a community, business enterprise, etc. 7. A class of travel in aircraft, providing less luxurious accommodation than first class at a lower fare: economy class. 8. Offering or purporting to offer a larger quantity for a lower price: economy pack. 9. The orderly interplay between the parts of a system or structure: the economy of nature. 10. The principle that, of two competing theories, the one with less ontological presupposition is to be preferred.

Credit

1. Commendation or approval, as for an act or quality: she was given credit for her work. 2. A person or thing serving as a source of good influence, repute, ability, etc: a credit to the team. 3. The quality of being believable or trustworthy: that statement had credit. 4. Influence or reputation coming from the approval or good opinion of others: he acquired credit within the community. 5. Belief in the truth, reliability, quality, etc, of someone or something: I would give credit to that philosophy. 6. A sum of money or equivalent purchasing power, as at a shop, available for a person’s use. 7. The positive balance in a person’s bank account. 8. The sum of money that a bank makes available to a client in excess of any deposit. 8. The practice of permitting a buyer to receive goods or services before payment.
9. Reputation for solvency and commercial or financial probity, inducing confidence among creditors. 10. Acknowledgment of an income, liability, or capital item by entry on the right-hand side of an account. 11. A distinction awarded to an examination candidate obtaining good marks.

Currency

1. Money in any form when in actual use as a medium of exchange, especially circulating paper money. 2. Transmission from person to person as a medium of exchange; circulation: coins now in currency. 3. General acceptance or use; prevalence: the currency of a slang term4. The state of being current; up-to-dateness.

Financial Plan

A working document that includes a vision statement, long and short term financial goals, current income and expense statements, balance sheet, cash flow forecast, asset allocation plans, return on investment metrics, tax liabilities and management, life, income and medical insurance policies, financial records archive, future estate and retirement plans, opportunity cost analysis, measurement metrics and milestones, specific action plans to achieve the stated goals, as well as contingency arrangements, alternative courses of action and critical path analysis.

Financial Literacy

The knowledge of what money is, how it works, financial terminology, all aspects of financial life, and the competence to perform financial management including; decision making, planning, saving, spending, budgeting, cash flow management, lifestyle choices, investing and retirement planning.

Waste

1. To use, consume, spend, or expend thoughtlessly or carelessly. 2. To cause to lose energy, strength, or vigor; exhaust, tire, or enfeeble. 3. To fail to take advantage of or use for profit; lose. 4. A place, region, or land that is uninhabited or uncultivated; a desert or wilderness. 5. Anything other than the minimum amount of equipment, materials, parts, space and worker’s time which are absolutely essential to add value to the product (Working Definition from Toyota.) 2. Use to no purpose or inadequate result or extravagantly (waste time.)

Resource

1. Something or someone that can be used for support or help. 2. An available supply that can be drawn upon. 3. Something that can be used to advantage. 5. Available capital; assets.

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