Shared Flashcard Set

Details

Voacb Ch.4
n/a
25
Accounting
10th Grade
12/06/2012

Additional Accounting Flashcards

 


 

Cards

Term
Needs
Definition
Things you have to have in order to survive
Term
Want
Definition
Something you desire to have
Term
Financial Resource
Definition
Money or goods to get things
Term
Cash outflow
Definition
what you spend money on
Term
Liabilites
Definition
what you owe
Term
Trade off
Definition
giving one option in trade for another
Term
Opportunity cost
Definition
the value of your next option
Term
cash inflow
Definition
the money you get as income, gifts, etc
Term
assets
Definition
what you own
Term
net worth
Definition
the difference between what you have and what you owe
Term
Budget
Definition
spending/saving plan based on your expected income and expenses
Term
variable expenses
Definition
costs that go up and down each month
Term
fixed expenses
Definition
costs that do not change each month
Term
charitable giving
Definition
the act of donating money or time to a cause in which you believe
Term
Financial plan
Definition
estimating your current and future income and expenses to know where you stand
Term
personal goals
Definition
a desired and valued circumstance toward which individuals are working
Term
Financial goals
Definition
an objective which is expressed in or based upon money
Term
Short-term goals
Definition
a set goal you can achieve in a small amount of time
Term
Medium term goals
Definition
a goal you preject to achieve in a realistic amount of time
Term
long term goal
Definition
a goal you set for yourself in hopes to overcome it in the future
Term
timeline
Definition
a linear representation of things set in chronological order
Term
benchmarks
Definition
a reevalution of things every so often
Term
financial planner
Definition
a professional who helps people deal with personal financial problems
Term
phishing
Definition
to try to obtain financial or other confidential information from Internet users, typically by sending an e-mail that looks as if it is from a legitimate organization
Term
indentity theft
Definition
The fraudulent acquisition and use of a person's private identifying information, usually for financial gain.
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