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Obj 2.03-2.05 PF2014

Income and expense, Statement of financial position and spending plans

TermDefinition
Expense Money spent
Gross income An individuals income earned as salary or wages before taxes and other deductions
Income Money recieved
Income and expense statement Lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or a 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 load used when purchasing housing
Net gain When income is greater that 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 of a person or household owns
Expenses Money spent
Income Money recieved
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 today
Monetary asset Assets that can be quickly and easily converted into cash
Net worth A measure of financial wealth and indicates that 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 assets 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 expense over a period of time
Created by: trippjo41