Financial Planning
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Financial Planning | A process of tracking and anticipating income and expenditures
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| Financial Goal | A specific aim to be accomplished with the use of financial planning
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| Continual | Ongoing, without ending
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| Cyclical | Occurring in a cycle, with steps repeated in sequence over and over
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| Wealth | Having a large amount of money of property
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| Living within one's means | Being able to pay all expenses with available income
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| Financial Statement | A document or tool that shows personal financial information/data
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| Balance Sheet | A financial statement that shows the assets, liabilities, and net worth of an individual or family on a set date
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| Asset | Anything with monetary value that a person owns
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| Liability | Anything that is owed to someone else; a debt
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| Net Worth | The amount of money remaining when total liabilities are subtracted from total assets
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| Income and Expense Statement | A financial statement that shows all income and expenses of an individual or family during a specific time period, usually a month or a year
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| Cash Flow | The income and expenses of an individual or family during a time period
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| Income | Total earnings received
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| Expense | Any expenditure; anything that costs money
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| Net Gain | The amount of money one has after subtracting expenses from income
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| Net Loss | The amount of additional money needed when expenses are greater than income
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| Spending Plan | A financial statement used to plan income and expenses for a future time period; also known as a budget of financial plan
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Created by:
mobleyke
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