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12 Cards in this Set
- Front
- Back
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Income |
Money that comes to an individual from working |
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Wealth |
Accumulated value of assetsass |
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Assets |
Something you own that has value |
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Liability |
Financial obligations that you have to pay |
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3 financial assets |
1) loans 2) bonds 3) stocks |
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Loans |
Agreement between lender and borrower |
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Bonds |
IOUS that have to be paid by a certain date |
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Stocks |
Ownership in company |
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Budget surplus |
Gov't spending less then there tax revenue within a year |
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Budget deficit |
Annual gov't spending is greater then the tax revenue |
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Liquid assets |
Asset that is easily converted into cash |
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Illiquid assets |
Asset that cant be converted quickly into cash without significant loss of value |
