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Practice Management

Vocab for Final

QuestionAnswer
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
 

 



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