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18 Cards in this Set
- Front
- Back
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Continual
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Ongoing, without ending.
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Cyclical
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Occurring in a cycle, with steps repeated in sequence over and over.
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Financial Goal
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A specific aim to be accomplished with the use of financial planning.
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Financial Planning
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A process of tracking and anticipating income and expenditures.
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Living within One's Means
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Being able to pay all expenses with available income.
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Wealth
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Having a large amount of money or property.
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Asset
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Anything with monetary value that a person owns.
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Balance Sheet
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A financial statement that shows the assets, liabilities, and net worth of an individual or family on a set date.
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Cash Flow
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The income and expenses of an individual or family during a time period.
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Expense
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Any expenditure; anything that costs money.
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Financial Statement
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A document or tool that shows personal financial information/data.
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Income
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Total earnings received.
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Income and Expense Statement
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A financial statement that shows all income and expenses of an individual or family during a specific time period, usually a month or a year.
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Liability
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Anything that is owed to someone else; a debt.
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Net Gain
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The amount of money one has after subtracting expenses from income.
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Net Loss
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The amount of additional money needed when expenses are greater than income.
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Net Worth
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The amount of money remaining when total liabilities are subtracted from total assets.
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Spending Plan
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A financial statement used to plan income and expenses for a future time period; also known as a budget or financial plan.
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