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Finance Notes Unit 1
Personal Finance, tought by Miss Loveless
| Question | Answer |
|---|---|
| Define the word Finance. | Finance is everything in your life that involves money. Arranging, spending and saving Money to achieve goals. |
| What is a short term goal? | a goal lasting a year or less. |
| What is an intermediate goal? | a goal lasting two to five years long |
| What is a long term goal? | a goal lasting over five years. |
| What is an FYL? | It is a method where you pay yourself first before your emplayees or any other debts. |
| What is 'the time value of money'? | the increase of an amount of money due to earned interest or dividends. |
| Define the word "obtain". | work, invest or own property, this is the foundation of planning. |
| What is a safe deposite box? | a small secure storage compartment that you can rent in a bank, usually for $100 or less a year. |
| What does the phrase Personal Finance Statements mean? | a document that provides information about an indeviduals current financial position. |
| What are assets? | any valuable items by a company (cash, property, personal possesions & investments) |
| Define Liquid assets? | cash & items that can be quickly converted into cash. |
| What is a market value? | It is the price at which he property would sell. |
| What are Investment assets? | this includes retirement accounts and securities such as stocks and bonds. |
| What are Liabilities? | Debts that do NOT have to be paid in full for a year or longer (car) |
| What is Cash flow? | Income or money recieved |
| What is a cash flow statement? | It is a summary of your cash flow during a period of time. |
| What do Financial experts evaluate most in a persone's income? | They measure teh discretionary income (extra money) (the better discretion, the better you're off) |
| What is your Net Cash Flow? and how do you find it? | Your Net Cash flow can be determined by subtracting your expenses from your income. |
| What is a surplus? | Extra money left over. (deficit is a negative amount of money) |
| How does your Net Cash flow affect your net worth? | They both affect each other. Your Net worth decreases when you start a dificit. |
| What is a budget? | a plan using money to meet wants and needs |
| What is Payroll deduction? | an amount withdrawn by an employer from an employee's earnings |
| What is Social Security? | a comprehesive federal program of benefits providing workers with retirement income and other payments. |
| What is Workers constipation? | a payment by employers for some cast of injuries and diseases |
| Define medicare? | health insurance to the adults 65+ |
| What are labor unions? |
Created by:
JenniferChan
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