Cha-Ching
A card used to buy something where the money comes from your own account.
Debit
How many single lines are on an income statement?
4
How many dollar signs are on a balance sheet?
5
A type of loan used to purchase a house.
Mortgage
Name one way to improve your credit score.
Pay bills on time, steady work, make regular deposits in a savings account, make regular payments on a credit card.
Zorah has $5000 on her fancy new Royal Bank Credit Card. This is known as a....
Credit limit.
Money received from sales of goods and services.
Revenue.
What goes at the top of a balance sheet?
Name of Business
Something a bank may ask for to guarantee a loan.
Collateral.
income you have left over after taxes are deducted from your pay cheque.
Disposable Income/Net Pay
Ali has spent $200 on groceries, which he used his credit card for. How long does he have to pay it pack before he is charged interest?
30 days
Money used for salaries, utilities, advertising.
Expenses
What is the purpose of a balance sheet?
A financial sheet that tells a person how the company is doing.
A safe place for people to store their money for future use.
Bank
When you invest in this you become part owner of a company.
Stock
The total amount of money you have on a pay cheque before deductions.
Gross Income
When you spend more than you make.
Net Loss
There are three main categories that are calculated on a balance sheet. Name one.
Asset, Liabilities, Owners Equity
What is one way banks make money.
Charge interest, bank fees, investments.
If a company is profitable, this will be paid out to shareholders.
Dividends
The most liquid item a person has is...
Cash
If your total comes to a loss how do you show that on your statement?
With brackets.
What is the equation for finding Owners Equity on a balance sheet?
Assets - Liabilities = OE
An account used for spending money.
Chequing account
50-30-20
A savings or budgeting guideline