Category 1
Category 2
Category 3
Category 4
Category 5
100
Balance sheets, income, expense statements that serve as planning tools that are essential to developing and monitorying personal funacial plans
What are personal financial statement?
100
Assets that are held in the form of cash or can readily be oncverted to cash with little or no loss in value.
What are liquid assets?
100
The actual value of an asset, or the price for which it can reasonably be expected to sell in the open market.
What is fair market value?
100
An individual's or family's actual wealth; determined by subtracting total liabilities from total assets.
What is net worth?
100
Mone spent on living expenses and to pay taxes, purchase assets, or repay dept
What are expenses
200
A financial statement that describes a person's financial position at a given point in time.
What is a balance sheet?
200
Assets such as stocks, bonds, mutual funds, and real estate that are acquired in order to earn a return rather than provide a service
What are investments?
200
Debts, such as credit card charges, loans, and mortgages.
What are liabilities?
200
The actual ownership interest in a specific asset or group of assets.
What is equity?
200
Contractual, predetermined expenses involving equal payments each period.
What are fixed expenses?
300
A financial statement that measures financial performance over time
What is a income and expense statement?
300
Tangible3 assets that are immovable: land and anything fixed to it, such as a house
What is real property?
300
Any debt due within 1 year of the date of the balance sheet.
What is a current (short-term) liability?
300
The financial state in which net worth is less than zero.
What is insolvency?
300
Expenses involving payment amounts that change from one time period to the next
What are variable expenses?
400
A detailed financial report that looks forward, based on expected income and expenses
What is a budget?
400
Current liabilities that represent the balances outstanding against established credit lines.
What are open account credit obligations?
400
A method of preparing financial statements in which only transactions involving actual cash receipts or actual cash outlays are recorded.
What is cash bases?
400
An excess amount of income over expenses that results in increased net worth?
What is cash surplus?
500
Item that one owns that can be used for the better of ones finnancial situation.
What is an asset?
500
Tangible assets that are immovable: land and anything fixed to it, such as a house.
What is personal property?
500
Any debt due 1 year or more from teh date of the balance sheet.
What is long-term liability?
500
Earnings receibed as wages, salaries, bonuses, commissions, interest and dividends, or proceeds from the sale of assets.
What is income?
500
An excess amount of expenses over income, resulting in insufficient funds as a well as in decreased net worth.
What is cash deficit?
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