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Accounting

TermDefinition
Allowance allowance is to give (someone) a sum of money regularly as an allowance.
Budget budget is to allow or provide a particular amount of money in a budget
Budget Variance A budget variance is the difference between the budgeted or baseline amount of expense or revenue, and the actual amount
Financial Plan A financial plan is a comprehensive evaluation of an investor's current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans
Fixed Expense A fixed expense is an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity
Money Management Money management is the process of budgeting, saving, investing, spending or otherwise in overseeing the cash usage of an individual or group
Net Worth Net worth is a concept applicable to individuals and businesses as a key measure of how much an entity is worth
Personal Assets Personal Asset is an asset in the form of money or chattels. It could be any item of economic value owned by an individual or corporation, especially that which could be converted to cash.
Budget Category Organizations track and report spending by recording transactions in Expense category accounts.
Financial Goals Determining what your short-term, mid-term, and long-term personal financial goals are is the first step.
Income income is money received, especially on a regular basis, for work or through investments.
Long Term Goals Goals that take a long time to achieve are called long-term goals
Short Term Goals A short-term goal is something you want to accomplish soon.
Deifict the amount by which something, especially a sum of money, is too small.
Surplus If actual spending is less than budgeted amount,
Start-up cost the expenses incurred during the process of creating a new business.
Equity an accounting technique used by firms to assess the profits earned by their investments in other companies.
Debt is an amount owed for funds borrowed
Revenue revenue is Fees earned from providing services and the amounts of merchandise sold
Profit a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Loss loss is a decrease in net income that is outside the normal operations of the business
Cash Flow the total amount of money being transferred into and out of a business, especially as affecting liquidity
Line Of Credit an amount of credit extended to a borrower.
Intrest Rate the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
Asset property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
Liability the state of being responsible for something, especially by law.
Net Worth is defined as assets minus liabilities
Collateral something pledged as security for repayment of a loan, to be forfeited in the event of a default.
Capital wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
Loan Term a monetary loan that is repaid in regular payments over a set period of time.
Created by: 105425