Intro: Ch. 16

A record of assets & liabilities at a point in time.

• Gross Income

• Balance Sheet

• Net Income

• Cash Flow Statement

Items of value such as money in the bank, investments, furniture, clothing, cars, & jewelry.

• Liabilities

• Assets

• Owner's Equity

• Needs

The day-to-day financial activities associated with using limited income to satisfy your unlimited wants & needs.

• Money Management

• Cash Flow

• Income Statement

• Gross Income

Amounts owed others.

• Assets

• Liabilities

• Wants

• Owner's Equity

The difference between a person’s assets & liabilities.

• Break-Even Point

• Assets

• Liabilities

• Owner's Equity

Reports net wages & other income along with spending for a period of time, such as a month.

• Income Statement

• Cashflow Statement

• Business Statement

• Owner's Equity

The money you have available to spend as a result of working or from other income such as interest earned on your savings.

• Gross Income

• Cash Outflows

• Cash Inflows

• Net Income

When preparing a cash flow statement, what should you 1st report?

• Assets

• Liabilities

• Gross Income

• Net Income

Amount of a paycheck after taxes & other payroll deductions.

• Net Income

• Gross Income

• Taxed Income

• Discretionary Income

Amounts spent on food, clothing, transportation, etc.

• Cash Inflows

• Owner's Equity

• Cash Outflows

• Assets