PF OBJ 2.03 Vocab

Front

Asset: Items of monetary value owned by a person or household.

Back

Items of monetary value a person or household owns.

Front

Expense

Back

Money spent

Front

Income

Back

Money received

Front

Investment asset

Back

Financial assets bought to generate income and appreciate for future sale.

Front

Liability

Back

A debt or obligation owed to others

Front

Market value

Back

The amount you could realistically sell an asset for today

Front

Monetary asset

Back

Assets that can be quickly and easily converted into cash

Front

Net worth

Back

A measure of financial wealth indicating the value of all possessions owned by a person or household, minus total amounts owed.

Front

Statement of Financial Position

Back

A financial statement showing an individual or family's financial condition on a specific date, detailing assets, liabilities, and net worth.

Front

Tangible asset

Back

Personal property purchased to enhance lifestyle.