Statements of Financial Position and Income and Expense Statements
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Assets | Everything an individual or household owns that could be sold for cash
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Depository Institutions | A business that offers banking and finance services, such as savings and investing tools
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Financial Goals | Specific objectives to be accomplished through financial planning
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Goal | The end result of something a person intends to acquire, achieve, do, reach or accomplish
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Interest | The price of money
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Interest Rate | The percentage rate paid on money invested or saved
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Investing | The purchase of assets with the goal of increasing future income
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Liabilities | Debts or what is owed to others
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Liquidity | How quickly and easily an asset can be converted into cash
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Net Income | The amount of an individual's take-home pay after taxes and other deductions have been taken out
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Opportunity Cost | The value of the next best alternative that must be forgone when a trade-off is made
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Pay Yourself First | To set aside a predetermined portion of money for saving each time a person is paid before using any of the money for spending
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Savings | The portion of current income not spent on conumption
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SMART Goals | A goal that includes the following elements: specific, measurable, attainable, realistic and time bound
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Time Value of Money | Money paid out or received in the future is not equivalent to money paid out or received today
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Trade-off | Giving up one thing for another
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Wealth | A measurement of how much a person or household owns once all debts have been paid
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Expense | Money spent
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Gross Income | An individual's income earned as salary or wages before taxes and other deductions
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Income | Money received
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Income and Expense Statement | List and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year
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Insurance | A product that transfers risk from an individual to an insurance company or organization
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Mortgage | A payment, usually monthly, applied to the balance of a home loan used when purchasing housing.
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Net Gain | When income is greater than expenses
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Net Loss | When expenses are greater than income
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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
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Liability | A debt or obligation owed to others
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Market Value | The amount you could realistically sell an asset for today
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Monetary Asset | Assets that can be quickly and easily converted into cash
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Net Worth | A measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amount owed to others
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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.
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Tangible Asset | Personal property that was purchased to create a lifestyle or improve your life.
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Endorse | To sign your name on the back of a check payable to you.
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Bank Statement | A bank listing of checks paid, deposits and service charges.
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Deposit Ticket | A bank form used to put money into your account
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Reconcile | To make the bank statement agree with your checkbook balance
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Cancelled Checks | Checks which the bank has paid and returned with your statement
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Compound Interest | Earning interest on interest
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Principal | The original amount of money invested or saved.
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Inflation | The steady rise in the general level of prices.
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