Personal Cash Flow
Personal Balance Sheet
Future Value of Single Dollar Amount
Background on Taxes
Banking and Interest Rates
100
A financial statement that measures a person's cash inflows and outflows
What is a personal cash flow statement?
100
A summary of your assets (what you own), your liabilities (what you owe), and your net worth (assets minus liabilities)
What is a personal balance sheet?
100
The process of earning interest on interest
What is compounding?
100
Tax cute package designed to provide short-term economic stimulus through tax relief or taxpayers
What is Economic Growth and Tax Relief Reconciliation Act of 2001?
100
Financial institutions that accept deposits from individuals and provide loans
What is depository institutions?
200
Cash inflows minus cash outflows
What is net cash flows?
200
Are financial assets that can be easily sold without a loss in value
What is liquid assets?
200
A factor multiplied by today's savings to determine how the savings will accumulate over time
What is the future value interest factor?
200
Legislation that extended many of the previous tax law provisions through the year 2012
What is the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010?
200
Financial institutions that accept deposits and use the funds to provide commercial and personal loans
What is commercial banks?
300
Stages in your career path, type of job, and number of income earners in your household
What is factors affecting cash inflows?
300
Are items normally owned by a household, such as a home, a car, and furniture
What is household assets?
300
As the number of years increases, the FVIV
What is increases?
300
An act that accelerated much of the tax relief resulting from the 2001 Tax Relief Act
What is the Jobs and Growth Tax Relief Act of 2003?
300
Nonprofit depository institutions that serve members who have a common affiliations
What is credit unions?
400
Size of family, Age, Personal Consumption behavior
What is factors affecting cash outflows?
400
Certificated issued by borrower, usually firms and government agencies, to raise funds
What is bonds?
400
An amount of savings can grow substantially due to
What is the power of compounding?
400
Earned income represents salary or wages
What is earned income?
400
Nondepository institutions that specialize in providing personal loans to individuals
What is finance companies?
500
A cash flow statement that is based on forecasted cash flows for a future time period
What is a budget?
500
Certificates representing partial ownership in a firm
What is stocks?
500
What if you invested your $5,000 for 20 years instead of 5 years? Assuming the interest rate is still 4%
What is $10,955?
500
Taxes paid to fund the Social Security System and Medicare
What is FICA (Federal Insurance Contribution Act)?
500
Nondepository institutions that provide insurance to protect individuals or firms against possible adverse events
What is insurance companies?
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