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Practice Management
Vocab for Final
| Question | Answer |
|---|---|
| The person responsible for checking the accuracy of your income statement and balance sheet. | Auditor |
| Something that puts money in your pocket, feeds you, part of your balance sheet, and will get you out of the rat race. | Asset |
| A snapshot of you assets and liabilities. | Balance Sheet |
| When you don't have enough income or cash to pay your bills. | Bankruptcy |
| Cash or something of an agreed-upon value. | Capital |
| The difference between what you bought an invetment for and what you sold it for (adjusted for improvements and ordinary usage). | Capital Gain Loss |
| The direction of your cash,cash coming in (income) and cash going out (expenses) | Cash Flow |
| A time certificate representing a sum of money deposited for a set length of time at a set rate of interest. | Certificate of Deposit |
| Money owed to another, is shown as a liability on the balance sheet and the monthly payment as an expense on the income statement. | Debt |
| A distribution of profits of a company to the shareholders. | Dividend |
| Expenses, often unnecessary or larger than need be, that take money out of your pocket. | Doodads |
| A percentage of the purchase price an investor pays for an investment, the remainder of the price is then borrowed (debt). | Down Payment |
| A nice way to say you're fired. | Downsized |
| An ultimate goal. | Dream |
| Your passive income from your assets are greater than your living expenses. | Fast Track |
| A form showing your income and expenses over a period of time, also called a profit and loss statement. | Income Statement |
| Amounts of money that are owed to others, aka debt, it will take money out of your pocket and it you. | Liabilities |
| Reducing this may reduce your expenses and increase your paycheck. | Liabilities |
| When you finance real estate, the property you are financing is used as collateral or security against the amount of money you are financing. | Mortgage |
| A variety of stocks, bonds, or securities, grouped together, managed (bought and sold) by professional investment company and purchased by individual investors through shares. | Mutual Fund |
| Big deals or small deals. | Opportunity |
| Income generated from your investments such as interest, dividends, and real estate rentals, withh minimal work. | Passive Income |
| Money works for you instead of you working for money. | Financial Freedom |
| The endless cycle of never seeming to get ahead financially, no matter how hard you work, where the middle class and poor spend their days until they become financially literate. | Rat Race |
| Return on capital, as an annual percentage, from an investment. | Return on Investment |
| A corporate action where the number of shares you own increases and the price per share decreases. | Shares Split |
| Ownership in a corporation. | Stock |
| Where you find buyers for your investments in an ever changing economy. | The Market |
| When you can live indefinitely off of your investment income. | True Wealth |
Created by:
ashpem