Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Remove ads
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards




share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

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