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CS 338 > Test 1 Review > Flashcards

Test 1 Review Flashcards

0
Q

Speed and ease with witch an asset can be converted to cash

A

Liquidity

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1
Q

Calculations designed to simplify evaluation of financial strength and progress.

A

Financial ratios

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2
Q

Number of months you could meet expenses using only monetary assets if all income were to cease.

A

Liquidity ratio

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3
Q

Amount of income remaining after taxes and withholding, estimates finds available for debt repayment.

A

Disposable income

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4
Q

Documents that evidence financial transactions

A

Financial records.

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5
Q

Paper or electronic document used to record both planned and actual income and expenditures over a period of time.

A

Budget

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6
Q

Financial targets to achieve more than five years in the future.

A

Long-term goals

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7
Q

Financial targets that can be achieved within one to five years.

A

Intermediate-term goals

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8
Q

Financial targets or ends that can be achiever in less than a year.

A

Short term goals

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9
Q

Projected dollar amounts to receive or spend in a budgeting period.

A

Budget estimates.

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10
Q

Pay received after employer withholdings for taxes, insurance, and union dues.

A

Take home pay- disposable income.

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11
Q

Money left over after necessities such as housing and food are paid for.

A

Discretionary Income.

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12
Q

Budget estimates for monthly income and expenses.

A

Cash-Flow calendar

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13
Q

Variable budgeting tool that places funds in savings to cover emergency or higher than usual expenses.

A

Revolving savings fund.

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14
Q

When budget estimates differ from actual expenditures.

A

Budget exceptions

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15
Q

Detailed listing of planned expenses within a single budgeting classification.

A

Subordinate Budget

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16
Q

Placing exact amounts into envolopes for each budgetary purpose.

A

Envelope system.

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17
Q

Difference between amount budgeted and actual amount spent or received.

A

Budget Variance

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18
Q

Recording sources and amounts of dollars earned and spent.

A

Record Keeping

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19
Q

Amount remaining after all budget classification deficits are subtracted from those with surpluses.

A

Net Surplus.

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20
Q

A wavelike pattern of rising and falling economic activity. The phases of which are expansion, peak, contraction, and trough.

A

Business cycle

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21
Q

A recurring period of decline in total output, income, employment and trade usually lasting between six months and a year.

A

Recession

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22
Q

A time period when credit shrinks in an economy instead of expanding as during normal economic times.

A

Deleveraging

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23
Q

This occurs when the economy has a recession and then soon after emerging from the recession with a short period of growth, falls back into recession.

A

Double dpi recession

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24
Q

Any economic statistic such as the unemployment rate, GDP or inflation rate that suggests how well the economy is doing.

A

Economic indicator.

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25
Q

The nations broadcast measure of economic health.

A

gross domestic product

26
Q

statistics that change before the economy changes, thus helping predict how the economy will do in the future.

A

Leading economic indicators

27
Q

A composite index reported monthly by the conference board that suggests the future direction of the U.S economy

A

Index of Leading Economic Indicators (LEI)

28
Q

A steady and sustained rise in general price levels across economic sectors

A

Inflation

29
Q

A broad sustained decline in prices of goods and services.

A

Deflation

30
Q

Measure of the goods and services that ones incomes will buy.

A

Purchasing power

31
Q

Income measured in constant prices relative to some base time period.

A

Real income.

32
Q

Income that has not been adjusted for inflation and decreasing purchasing power.

A

Nominal income

33
Q

A broad measure of changes in the prices of all goods and services purchased for consumption by urban households.

A

Consumer Price Index

34
Q

The federal reserve board, an agency of the federal government

A

FED

35
Q

The short term rate at which depository institutions lend balances at the federal reserve to other depository institutions over night.

A

Federal Funds Rate

36
Q

The valuation of an asset projected to the end of a particular time period in the future.

A

Future value

37
Q

A stream of payments to be received in the future.

A

Annuity

38
Q

The current value of an asset that will be received in the future.

A

Present value.

39
Q

Compensation for employment that does not take the form of wages or salaries.

A

Employee benefit q

40
Q

A type of employee benefit plan where employees choose their benefits from a menu of taxable cash and at least one qualified nontaxable benefits.

A

Cafeteria plan. (Flexible Benefits plan)

41
Q

An employee benefit designed to pay all or part of the employees medical expenses

A

Health Care Plan

42
Q

A plan that requires individuals to pay a higher deductible to cover medical expenses before insurance plan payments begin, chose to save money on premiums.

A

High Deductible health care plan

43
Q

Special savings account intended for people who have a high deductible health care plan

A

Health Savings account

44
Q

Advantages bestowed by legislation that reduce a tax on some preferred activity, such as employee participation in an employers cafeteria plan, health savings account or retirement plan.

A

Tax advantages.

45
Q

An employer sponsored account that allows employee paid expenses for medical or dependent care to be paid with an employees pretax dollars rather than after tax income

A

Flexible Spending Account.

46
Q

Employer sponsored, defined contribution retirement plans including 401k plans and similar 403b and 457 plans.

A

Tax sheltered retirement plans.

47
Q

An investment professional who evaluates the personal finances of an individual or family and recommends strategies to set and achieve long term goals.

A

Financial Planner.

48
Q

A written document that spells out the relationship between an investor and his or her financial advisor and guides how the advisor will invest the persons money.

A

Investment policy statement

49
Q

The principles, standards, or qualities that you consider desirable.

A

Values

50
Q

Pre established action plans implemented in specific situations.

A

Financial strategies.

51
Q

Snapshots that describe an individuals or family’s current financial situation.

A

Financial statements

52
Q

Whats left when you subtract liabilities from assets.

A

Net worth (equity)

53
Q

Assets that can be used as cash

A

monetary assets or liquid assets.

54
Q

Personal property used to maintain your everyday lifestyle

A

Tangible assets

55
Q

Tangible and intangible items acquired for their monetary benefits.

A

Investment assets

56
Q

When a person owes more than he or she owns and the person has a negative net worth.

A

Insolvent

57
Q

Total income received such as reported on a cash flow statement

A

Income

58
Q

Total expenditures made in a specific time such as reported on a stmt of cash flows.

A

Expenses

59
Q

When total income exceeds total expenses such as exported on the statement of cash flows.

A

Surplus

60
Q

When expenses exceed income

A

Deficit

61
Q

Only transactions involving cash received or cash spent

A

cash basis

62
Q

Expenses that recur at fixed intervals

A

Fixed expenses

63
Q

Expenses over which you have substantial control.

A

Variable expenses

CS 338 (4 decks)

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