Statement of Financial Position, Income & Expense Statement, Spending Plan
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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| 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 & Expense Statement | Lists 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 Income | Take home pay.
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| Net Loss | When expenses are greater than income.
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| Savings | The portion of current income not spent on consumption,
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| Asset | Items of monetary value a person or household owns.
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| Expense | Money Spent.
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| Income | Money received.
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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 amounts owed to others.
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| Statement of Financial Position | A financial statement that describes an individuals 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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| Wealth | A measurement of how much a person or household owns once all debts have been paid.
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| Spending Plan | An income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time .
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Created by:
hardysh1
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