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Stack #425097

Ch. 2

QuestionAnswer
Accredited Financial Counselor Pass two exams: one in personal finance and one ins financial counseling
Assets Include everything you own that has monetary value
Balance Sheet (Net Worth Statement) Describes an individual's or family's financial condition on a specified date by showing assets, liabilities, and net worth.
Certified Financial Planner A planner must pass a two-day examination, have three years of work experience in the field, agree to adhere to a code of ethics, and continuously update his or her financial planning knowledge.
Disposable Personal Income The amount of your income remaining after taxes and withholding for such purposes as insurance and union dues.
Expenses Total expenditures made
Fair Market Value What a willing buyer would pay a willing seller, not the amount originally paid.
Fee-only Financial Planner Earn no commissions and work solely on a fee for service basis-- they charge a specified fee for the services provided
Financial Goals Are the specific long and short term objectives to be attained through financial planning and management efforts.
Financial Planning The process of developing and implementing a coordinated series of financial plans to achieve financial success.
Financial Ratios Are numerical calculations designed to simplify the process of assessing your financial condition.
Financial Strategies Are pre-established plans of action to be implemented in specific situations.
Fixed Expenses Are usually paid in the same amount during each time period; they are often contractual such as automobile and installment loans.
Income Total income received
Insolvent To have a negative net worth
Liabilities Are your debts
Net Worth The dollar amount left when what is owed is subtracted from the dollar value of what is owned--when liabilities are subtracted from assets.
Values Your fundamental beliefs about what is important, desirable, and worthwhile.
Variable Expenses Are expenditures over which an individual has considerable control.---Food, entertainment, clothing
Created by: namarque