Personal Financial Statements Flashcards
1
Q
money left over after paying for essentials
A
Discretionary Income
2
Q
extra money; “inflows” > “outflows”
A
Surplus
3
Q
You spent more than you received; “outflows” > “inflows”
A
Deficit
4
Q
Take home pay, $ left over after taxes and deductions
A
Net Pay
5
Q
Salary or hourly wage before deductions
A
Gross income
6
Q
inability to pay debts when they are due
A
Insolvency
7
Q
anything you owe
A
Liabilities (long-term/current)
8
Q
price at which property would sell
A
Market Value
9
Q
land/structures on land
A
Real estate
10
Q
cash or items that can be quickly converted to cash
A
Liquid Assets
11
Q
property that has money/exchangeable value
A
Wealth
12
Q
items of value that you own (indication of wealth)
A
Assets
