• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

Card Range To Study



Play button


Play button




Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

27 Cards in this Set

  • Front
  • Back
Rise in the general levels of prices...???
The cost of money is called....??
What are the types of Financial goals?
Short term- to be achieve within a year
Intermediate- time frame 1 to 5 years
Long term- Beyond 5 years
What are on the 1st line of a balance sheet?
Liquid assets- already cash or can be quickly converted
what are some examples of illiquid?
Real estate and collectibles
The inability to pay debts when they are due is called??
What is current ratio?
liquid assets/ current liabilities
what is liquidity statements?
Liquid assets/monthly expenses
what is Debt payment ratio?
monthly credit payments/ take-home pay
what is savings ratio?
amount saved each month/gross income
**** Should be at least 10%****
What are liabilities???
Amounts owed to others but do not include items not yet due, such as next months rent
Actual inflow and outflow of cash during a giving period of time is called??
Cash Flow
What is a cash flow statement?
a summary is cash reciepts and payments for a given period, such as a month or year
The inflows of cash to an individual or household cash payments for living expenses and other items are the second component of the cash flow is called?
what are variable exps?
a flexible payment that charge from month to month
what do investments assets consist of ???
Money set-aside for long term
A budget or spending plan is necessary to....
-live within your income
-spend your money wisely
-reach your financial emergencies
-develop use financial mgmt habit
How you spend your time and money is called what?? it is also strongly influenced by your career, family and personal values
Life style
the budget process has how many steps and explain!!
The budget process has 7 steps
1) Setting Financial Goals
2) estimating income
3) Budgeting an emergency funds and savings
4) Budgeting fixed expenses definite obligation
5) Budgeting variable expenses
6) Recording spending amounts
7) Reviewing spending and
saving patterns -evaluate, reassess and revise your financial goals
A successful budget should be...??
1) well- planned
2) realistic
4) Clearly communicated
the transfer each payday, auto deposit, coins, pay-roll deduction is called???
Saving techniques
Common goals in tax planning include.....?
-Knowing current tax laws
-maintiaining complete records
- making financial decisions that can reduce your tax liability
what is the principal purpose of taxes?
to finance government activities
the imposed on specific government and services such as gas, cigarettes, alcohol, tires and air travel is called..??
Excise tax
what are the income tax fundamentals?
1) computing taxable income
2) calculating the amt of tax owed
3) Comparing this amt with income tax payments withheld or made during the year
what does AGI stand for?
Adjusted Gross Income
What is FICA?
A law that requires a worker's pay to withheld for social security. It stands for Federal Insurance Contribution Act.