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CHAP 6
N/A
12
Economics
12th Grade
02/22/2013

Additional Economics Flashcards

 


 

Cards

Term
Financial literacy
Definition
the ability to understand finance
Term
Budget
Definition
An estimate of income and expenditure for a set period of time
Term
income
Definition
Money received, esp. on a regular basis, for work or through investments
Term
expense
Definition
Mutual fund fees and expenses are charges that may be incurred by investors who hold mutual funds
Term
fixed expense
Definition
Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change
Term
variable expense
Definition
Variable costs are expenses that change in proportion to the activity of a business
Term
philanthropy
Definition
1.The desire to promote the welfare of others, expressed esp. by the generous donation of money to good causes
Term
cash flow statement
Definition
In financial accounting, a cash flow statement, also known as statement of cash flows or funds flow statement, is a financial statement
Term
net worth statement
Definition
A financial statement that lists an individual’s or family’s assets and liabilities and their values as of a specific date
Term
net worth
Definition
In business, net worth (sometimes called net liabilities) is the total assets minus total outside liabilities of an individual
Term
liability
Definition
The state of being responsible for something, esp. by law.
Term
wealth
Definition
An abundance of valuable possessions or money
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