Income Statement
Balance Sheet
Balance Sheet 2
Misc.
Time Value of Money
100
Contractual, predetermined expenses involving equal payments each period
What are Fixed Expenses
100
Any debt due within 1 year of the date of the balance sheet
What is a Current Liability (short-term)
100
Items that own owns
What are Assets
100
This deals with estimated cash receipts and cash expenses, including savings and investments, that are expected to occur in the coming year
What is a Cash Budget
100
A graphical presentation of cash flows
What is a Timeline
200
An excess amount of expenses over income, resulting in insufficient funds as well as in decreased net worth
What is a Cash Deficit
200
Automobiles, recreational equipment, household furnishings, appliances, clothing, jewelry, home electronics, etc. are considered
What is Personal Property
200
The side of the balance sheet where assets are recorded
What is the left side
200
This is used to estimate how long it will take to double a sum at a given interest rate
What is the Rule of 72
200
The process of finding present value; the inverse of compounding
What is Discounting
300
A method of preparing financial statements in which only transactions involving actual cash receipts or actual cash outlays are recorded
What is a Cash Basis
300
The actual ownership interest in a specific asset or group of assets
What is Equity
300
A financial statement that describes a person's financial position at a given point in time
What is a Balance Sheet
300
This compares actual income and expenses with the various budget categories and shows the variances
What is a Budget Control Schedule
300
The idea that a dollar today is worth more than a dollar received in the future
What is the Time Value of Money
400
Earnings received as wages, salaries, bonuses, commissions, interest and dividends, or proceeds from the sale of assests
What is Income
400
The outstanding balances against established credit lines
What are Open Account Credit Obligations
400
Total assets - Total liabilities =
What is Net Worth
400
This provides a measure of the ability to pay debts on time
What is the Debt Service Ratio
400
A fixed sum of money that occurs annually
What is an Annuity
500
If the amount of a monthly payment changes because interest rates change, the loan is called this
What is an Adjustable-Rate Loan
500
Assets that are held in the form of cash or that can readily be converted to cash with little or no loss in value
What are Liquid Assets
500
The price for which an asset can reasonably be expected to sell in the open market
What is Fair Market Value
500
This measures the ability to pay current debts
What is the Liquidity Ratio
500
The value to which an amount today will grow if it earns a specific rate of interest over a given period
What is Future Value
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