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POB Spr Final Hall

Study Guide for Spring Final Exam - Hall

TermDefinition
accounts receivable aging report Report that shows when accounts receivables are due, as well as the length of time accounts have been outstanding.
annual percentage rate (APR) Annual cost of credit charged by a lender.
business credit Credit granted to a business by a financial institution or another company.
accounts receivable List of the individuals or businesses that owe money to a company.
debtor Party receiving credit.
finance charge Total amount paid by a borrower to a lender for the use of credit.
closed-end credit Loan for a specific amount that must be repaid with all finance charges by a specified date or according to a specified schedule.
principal Amount of money borrowed.
secured credit Credit loans that require collateral.
credit bureau Private firm that maintains consumer credit data and provides credit information to businesses for a fee.
trade credit Line of credit granted from one business to another for a short period of time to purchase goods and services.
collateral Property that a borrower uses to secure a loan.
credit risk The potential that credit will not be repaid.
collection agency Company that collects past-due bills for a fee.
creditor Party extending credit.
balance sheet Reports the assets, liabilities, and owner’s equity.
business entity Organization that exists independently of the owner’s personal finances.
cash flow statement Reports how cash moves in to and out of a business.
chart of accounts List of all accounts in the business.
current asset Cash or any asset that will be exchanged cash or used within one year.
current ratio Shows the relationship of assets to liabilities.
expense Cost involved in operating a business.
debt ratio Shows the percentage of dollars owed as compared to assets owned.
employee’s earnings record Individual record maintained for each employee.
gross pay Amount of income earned before taxes and other deductions are withheld.
journal Form used to record business transactions in chronological order.
merchandise Item, or items, that are bought with the intentions of reselling to a customer.
ledger Group of accounts.
journalizing Process of recording business transactions in a journal.
operating ratio Shows the relationship of expenses to sales.
taxable income Amount on which taxes are calculated.
unearned income Earnings from sources other than work.
standard deduction Fixed amount that may be deducted from adjusted gross income.
allowance Amount of earnings not subject to income taxes.
tip Money paid for service beyond what is required.
earned income Income in the form of a wage, salary, or commission.
Form W-4 Employee’s Withholding Allowance Form that helps an employer determine an employee’s payroll deductions.
tax credit Amount that is subtracted from the taxes an individual owes if eligible.
wage Payment for work and is usually calculated on an hourly, daily, or weekly basis.
net pay Gross pay minus payroll deductions.
payroll deduction Subtraction from gross pay.
bonus Money added to an employee’s base pay.
exemption Amount that a taxpayer can claim for each person who is dependent on that person’s income.
itemized deduction An allowed expense that can be deducted from adjusted gross income.
Form W-2 Wage and Tax Statement Form that shows earnings and tax deductions withheld during the year.
annuity An investment that provides regular income for a set period of time, usually for life.
cashier’s check Special type of check that the bank guarantees to pay.
diversification The process of spreading risk by putting money in a variety of investments.
endorsement Signature on the back of a check.
certified check Personal check certified by the bank to be genuine with enough money in the account to cover the check.
estate Consists of the assets and liabilities a person leaves when he or she dies.
individual retirement account A vehicle that holds chosen personal retirement investments.
money order Payment order for a specific amount of money payable to a specific payee.
overdraft Check written for an amount greater than the balance of the account.
executor Person appointed to carry out the terms outlined in a will.
postdated check Check written with a future date.
payee Person, business, or organization to whom a check is written.
interest-bearing savings account Type of demand deposit account that pays interest and allows regular deposits and withdrawals.
reconcile Comparing the check register to a bank statement to balance the checking account.
certificate of deposit Savings account that requires a fixed deposit amount for a fix period of time.
consumer credit Credit granted to individual consumers by a retail business
interest rate Represents the cost of a loan and is expressed as a percent of the amount borrowed
installment loan A loan for a specific amount of money that is repaid with interest in regular payments.
open-end credit An agreement that allows the borrower to use a specific amount of credit over a period of time.
proprietary credit card A credit card is one that can only be used only in the stores of the company that issued it
credit policy A written set of guidelines used by an organization to determine how many and which customers will be approved for credit
credit report A record of credit history and financial behavior for a business or individual.
credit score A numerical measure of a loan applicant’s creditworthiness at a particular point in time.
financial planning The process of setting financial goals and developing plans to reach them.
accounting The system of recording business transactions and analyzing, verifying, and reporting the results.
audit A review of the financial statements of a business and the accounting practices that were used to produce them.
account An individual record that summarizes information for a single category, such as cash or sales.
budget The financial plan that reflects anticipated revenue and shows how it will be allocated in the operation of the business.
cash budget Used to estimate the amount of money coming into and going out of the business.
current liability A short-term debt that must be paid within one year.
income statement A report of the revenue and expenses of a business for a specific time period and shows a net income or net loss.
working capital The difference between current assets and current liabilities of a business.
personal financial management A process used by individuals to manage limited income to meet personal unlimited needs and wants.
financially capable A person who has the ability to understand basic topics related to finance.
fixed expense An expense that is equal in amount each budget period.
variance The difference between a budgeted dollar amount and the actual dollar amount.
variable expense An expense that can go up and down during the budget period .
tax deduction An amount that is subtracted from adjusted gross income, which further reduces taxable income.
April 25th The last day to file taxes.
FICA taxes Taxes paid by the employee and the employer that are used to finance the federal Social Security and Medicare programs.
banking products and services The variety of products and services offered to customers by financial institutions.
investing Purchasing a financial product or valuable item with the goal of increasing wealth over time.
bank statement A record of checks, ATM transactions, deposits, and charges on an account.
investment portfolio A collection of securities and other assets a person owns.
high-yield savings account A savings account that requires a deposit of a fixed amount of money for a fixed period of time or term.
Roth IRA An individual retirement account to which individuals contribute after-tax income and qualified withdrawals are not taxed.
mutual fund An investment created by pooling the money of many people and investing it in a collection of securities.
savings plan A strategy for using money to reach important goals and to advance financial security.
P2P payments A service offered by some banks in which money is immediately transferred from one person to another.
Created by: mrstephens
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