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Personal Finance #2

TermDefinition
Asset Items of monetary value a person or household owners
Expense Money spent
Income Money received
Liability A debt or obligation owed to others
Investment asset Financial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the future
Market value The amount you could realistically sell an asset for today
Net worth A measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus, the total amounts owed to others
Statement of financial position A financial statement that describes an individual or family's financial condition on a specified date by showing assets, liabilities, and net worth
Tangible assest Personal property that was purchased to create a lifestyle or improve your life
Wealth A measurement of how much a person or household owns once all debts have been paid
Savings Portion of current income not spent on consumption
Net income Amount of income left once all payroll deductions have been subtracted from gross income, also known as "take home pay"
Net loss When income is less than expenses
Net gain When income is greater than expense
Mortgage Payment applied to the balance of a loan used when purchasing real estate
Gross income Individual's income earned as salary or wages before taxes and other decutions
Spending plan Records both planned and actual income and expenses over a period of time
Insurance Financial product than transfers risk from an individuals to an insurance company or organization
Monetary asset Assets that can easily and quickly be converted into cash
Income and expenses statement Lists and summarizes income and expenses transactions that have taken place over a specific period of time, typically a month or year
Created by: bing.bong
 

 



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