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2.03-2.05 PF

Statement of Financial Position, Income & Expense Statement, Spending Plan

TermDefinition
Expense Money Spent.
Gross Income An individual's income earned as salary or wages before taxes and other deductions.
Income Money Received.
Income & Expense Statement Lists 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 Income Take home pay.
Net Loss When expenses are greater than income.
Savings The portion of current income not spent on consumption,
Asset Items of monetary value a person or household owns.
Expense Money Spent.
Income Money received.
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 amounts owed to others.
Statement of Financial Position A financial statement that describes an individuals 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.
Wealth A measurement of how much a person or household owns once all debts have been paid.
Spending Plan An income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time .
Created by: hardysh1
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