Accounting
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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| Allowance | allowance is to give (someone) a sum of money regularly as an allowance.
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| Budget | budget is to allow or provide a particular amount of money in a budget
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| Budget Variance | A budget variance is the difference between the budgeted or baseline amount of expense or revenue, and the actual amount
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| Financial Plan | A financial plan is a comprehensive evaluation of an investor's current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans
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| Fixed Expense | A fixed expense is an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity
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| Money Management | Money management is the process of budgeting, saving, investing, spending or otherwise in overseeing the cash usage of an individual or group
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| Net Worth | Net worth is a concept applicable to individuals and businesses as a key measure of how much an entity is worth
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| Personal Assets | Personal Asset is an asset in the form of money or chattels. It could be any item of economic value owned by an individual or corporation, especially that which could be converted to cash.
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| Budget Category | Organizations track and report spending by recording transactions in Expense category accounts.
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| Financial Goals | Determining what your short-term, mid-term, and long-term personal financial goals are is the first step.
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| Income | income is money received, especially on a regular basis, for work or through investments.
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| Long Term Goals | Goals that take a long time to achieve are called long-term goals
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| Short Term Goals | A short-term goal is something you want to accomplish soon.
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| Deifict | the amount by which something, especially a sum of money, is too small.
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| Surplus | If actual spending is less than budgeted amount,
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| Start-up cost | the expenses incurred during the process of creating a new business.
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| Equity | an accounting technique used by firms to assess the profits earned by their investments in other companies.
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| Debt | is an amount owed for funds borrowed
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| Revenue | revenue is Fees earned from providing services and the amounts of merchandise sold
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| Profit | a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
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| Loss | loss is a decrease in net income that is outside the normal operations of the business
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| Cash Flow | the total amount of money being transferred into and out of a business, especially as affecting liquidity
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| Line Of Credit | an amount of credit extended to a borrower.
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| Intrest Rate | the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
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| Asset | property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
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| Liability | the state of being responsible for something, especially by law.
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| Net Worth | is defined as assets minus liabilities
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| Collateral | something pledged as security for repayment of a loan, to be forfeited in the event of a default.
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| Capital | wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
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| Loan Term | a monetary loan that is repaid in regular payments over a set period of time.
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