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Financial Statements

Statements of Financial Position and Income and Expense Statements

TermDefinition
Assets Everything an individual or household owns that could be sold for cash
Depository Institutions A business that offers banking and finance services, such as savings and investing tools
Financial Goals Specific objectives to be accomplished through financial planning
Goal The end result of something a person intends to acquire, achieve, do, reach or accomplish
Interest The price of money
Interest Rate The percentage rate paid on money invested or saved
Investing The purchase of assets with the goal of increasing future income
Liabilities Debts or what is owed to others
Liquidity How quickly and easily an asset can be converted into cash
Net Income The amount of an individual's take-home pay after taxes and other deductions have been taken out
Opportunity Cost The value of the next best alternative that must be forgone when a trade-off is made
Pay Yourself First To set aside a predetermined portion of money for saving each time a person is paid before using any of the money for spending
Savings The portion of current income not spent on conumption
SMART Goals A goal that includes the following elements: specific, measurable, attainable, realistic and time bound
Time Value of Money Money paid out or received in the future is not equivalent to money paid out or received today
Trade-off Giving up one thing for another
Wealth A measurement of how much a person or household owns once all debts have been paid
Expense Money spent
Gross Income An individual's income earned as salary or wages before taxes and other deductions
Income Money received
Income and Expense Statement List and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year
Insurance A product that transfers risk from an individual to an insurance company or organization
Mortgage A payment, usually monthly, applied to the balance of a home loan used when purchasing housing.
Net Gain When income is greater than expenses
Net Loss When expenses are greater than income
Investment Asset Financial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the future
Liability A debt or obligation owed to others
Market Value The amount you could realistically sell an asset for today
Monetary Asset Assets that can be quickly and easily converted into cash
Net Worth A measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amount owed to others
Statement of Financial Position A financial statement that describes an individual or family's financial condition on a specified date by showing assets, liabilities, and net worth.
Tangible Asset Personal property that was purchased to create a lifestyle or improve your life.
Endorse To sign your name on the back of a check payable to you.
Bank Statement A bank listing of checks paid, deposits and service charges.
Deposit Ticket A bank form used to put money into your account
Reconcile To make the bank statement agree with your checkbook balance
Cancelled Checks Checks which the bank has paid and returned with your statement
Compound Interest Earning interest on interest
Principal The original amount of money invested or saved.
Inflation The steady rise in the general level of prices.
Created by: 100000249909009
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