AS II Foods- Unit 2

A written record that conveys the financial activities, position, and performance of a person or company.

• Taxes

• Financial Statement

• Debt to Equity

• IRA

items that can quickly be converted to cash or that will be sold within 12 months – cash on hand, checking and savings accounts, stocks, bonds, and cash in value of life insurance, money others owe you, current non‐depreciable inventory

• Current Asset

• Non Current Asset

• Inventory

• Depreciable

items that have a useful life of more than one year and are used in the business – non‐current, non‐depreciable inventory, land

• Current Asset

• Non Current Asset

• Inventory

• IRA

an itemized list of business or personal assets. Includes both current and non-current assets.

• Current Liability

• Non CurrentyLiability

• Agenda

• 
  Inventory

​ (a)   are accounts and notes payable, this year’s part of non‐ current liabilities and

​ (b)   are mortgages and other debts not due this year

• Current liabilities
• Non‐current liabilities

The equation for Net Worth is

• Current Liabilities-Non Current Liabilities

• Total Assets - Total Liabilities

• Total Liabilities - Total Assets

• Total Liabilities/equity

the financial status of a business. Generated periodically to show trends in profits and loss.

• Financial Statement

• Liability Statement

• Balance Sheet

• Inventory Sheet

A financial plan that allocates future personal income towards savings, philanthropy, expenses, and taxes

• Balance Sheet

• Tax Refund

• Personal Budget

• IRA

Which is not part of developing a personal budget?

• Set personal and financial goals

• Monitor spending patterns

• Assess your personal and financial situation (needs, values, lifestyle)

• Spend to credit limit

​ (a)   are a service provided by financial institutions (​ (b)   , credit unions, etc.) which allows individuals and businesses to ​ (c)   money and ​ (d)   funds from a federally protected account.

• Checking account
• deposit
• withdraw
• banks