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Personal Finance

UCA Personal Finance Institute-Chapter 2 Vocabulary

QuestionAnswer
Personal cash flow statement financial statement that measures a person's cash inflows and cash outflows
net cash flows cash inflows minus cash ouflows
budget A cash flow statement that is based on forecasted cash flows for a future period
personal balance sheet a summary of your assets (what you own), your liabilities (what you owe), and your net worth (assets minus liabilities)
liquid assets financial assets that can be easily sold without a loss in value
household assets items normally owned by a household, such as a home, car and furniture
bonds certificates issued by borrowers to raise funds
stocks certificates representing particial ownership of a firm
mutual funds investment companies that sell shares to individuals and invest the proceeds in investment instruments such as bonds or stocks
real estate rental property and land
rental property housing or commercial property that is rented out to others
current liabilities debt that will be paid within a year
long-term liabilities debt that will be paid over a period longer than one year
Created by: smills01