Income and expense, Statement of financial position and spending plans
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each of the black spaces below before clicking
on it to display the answer.
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Expense | Money spent
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Gross income | An individuals income earned as salary or wages before taxes and other deductions
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Income | Money recieved
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Income and expense statement | Lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or a 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 load used when purchasing housing
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Net gain | When income is greater that 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 of a person or household owns
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Expenses | Money spent
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Income | Money recieved
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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 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 that 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 assets | 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 expense over a period of time
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Created by:
trippjo41
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