Shared Flashcard Set

Details

8.02 set
8.02 set
18
Finance
Not Applicable
05/01/2013

Additional Finance Flashcards

 


 

Cards

Term
financial planning
Definition
A process of tracking and anticipating income and expenditures
Term
financial goal
Definition
A specific aim to be accomplished with the use of financial planning
Term
continual
Definition
Ongoing, without ending
Term
cyclical
Definition
Occurring in a cycle, with steps repeated in sequence over and over
Term
wealth
Definition
Having a large amount of money or property
Term
living within one’s means
Definition
Being able to pay all expenses with available income
Term
financial statement
Definition
A document or tool that shows personal financial information/data
Term
balance sheet
Definition
A financial statement that shows the assets, liabilities, and net worth of an individual or family on a set date
Term
asset
Definition
Anything with monetary value that a person owns
Term
liability
Definition
Anything that is owed to someone else; a debt
Term
net worth
Definition
The amount of money remaining when total liabilities are subtracted from total assets
Term
income and expense statement
Definition
A financial statement that shows all income and expenses of an individual or family during a specific time period, usually a month or a year
Term
cash flow
Definition
The income and expenses of an individual or family during a time period
Term
income
Definition
Total earnings received
Term
expense
Definition
Any expenditure; anything that costs money
Term
net gain
Definition
The amount of money one has after subtracting expenses from income
Term
net loss
Definition
The amount of additional money needed when expenses are greater than income
Term
spending plan
Definition
A financial statement used to plan income and expenses for a future time period; also known as a budget or financial plan
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