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Study sets matching "financial planning"

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Study sets matching "financial planning"

17 terms
Financial Planning
Revenue
Expenses
Budget
Start-up Budget
all income that a business receives over a period of time
costs of operating a business
detailed plans for the financial needs of a business
plans income and expenses from the beginning of a new busines…
Revenue
all income that a business receives over a period of time
Expenses
costs of operating a business
17 terms
Financial Planning
Revenue
Expenses
Budget
Start-up Budget
all income that a business receives over a period of time
costs of operating a business
detailed plans for the financial needs of a business
plans income and expenses from the beginning of a new busines…
Revenue
all income that a business receives over a period of time
Expenses
costs of operating a business
29 terms
Financial Planning
Personal Financial Planning
Goals
Opportunity Cost
Money Management
Spending, saving, and investing money to assure a certain kin…
Things to be accomplished
What you give up when you make one choice instead of another,…
A method of planning to get the most from one's money
Personal Financial Planning
Spending, saving, and investing money to assure a certain kin…
Goals
Things to be accomplished
34 terms
Financial planning
budget
balanced budget
deficit
discretionary income
a financial plan to manage your income and expenses
a financial plan in which expenditures equal income
an excess amount of expenditures over income
amount of pay left after taxes and paying for necessities
budget
a financial plan to manage your income and expenses
balanced budget
a financial plan in which expenditures equal income
29 terms
Financial Planning
Revenue
Expenses
Profit or Loss
Budget
income, especially when of a company or organization and of a…
the cost required for something; the money spent on something.
a financial statement that summarizes the revenues, costs and…
an estimate of income and expenditure for a set period of time.
Revenue
income, especially when of a company or organization and of a…
Expenses
the cost required for something; the money spent on something.
11 terms
Financial Planning
financial plan
personal goals
financial goals
timeline
a plan listing personal and financial goals along with steps…
things you want to achieve in your life.
a statement saying how you will pay for your personal goals.
a visual display of how long it will take to achieve each pha…
financial plan
a plan listing personal and financial goals along with steps…
personal goals
things you want to achieve in your life.
Financial planning
financial planning
spending log
goods
services
an ongoing process that can take you from where you are finan…
a daily record of everything you spend money on and how much…
merchandise or possessions- tangible (can touch it)
an intangible economic good
financial planning
an ongoing process that can take you from where you are finan…
spending log
a daily record of everything you spend money on and how much…
100 terms
Financial Planning
Real Estate Tax
Estate Tax
Income Tax
Capital Gains Taxes
Most Common Tax, varies from county to county and is based on…
May be due when an individual dies and passes on their wealth…
Occurs on a number of levels, federal, state, local FICA and…
Typically a 15% tax on long term gains from investments. Shor…
Real Estate Tax
Most Common Tax, varies from county to county and is based on…
Estate Tax
May be due when an individual dies and passes on their wealth…
financial planning
counteroffer
marker
competent parties
instruments
offer made in response to other
writer of check
legally able to enter contract
cash, evidence of ownership
counteroffer
offer made in response to other
marker
writer of check
68 terms
Financial Planning
risk vs reward
portfolio
diversification
mutual funds
the concept that the higher the risk in life, the greater the…
a collection of financial investments held by an individual o…
investing in various financial instruments in order to reduce…
pools of cash, bonds, and/or stocks; provides a means of dive…
risk vs reward
the concept that the higher the risk in life, the greater the…
portfolio
a collection of financial investments held by an individual o…
10 terms
Financial Planning
SMART Goals
5 Steps in the Financial Plan
Needs
Wants
are Specific,Measurable,Attainable,Realistic,Time Oriented
1. Set Goals... 2. Analyze Information... 3. Create a Plan... 4. Imple…
are the basic essential items for living, like food, clothing…
simply increase the quality of living, like going to the movi…
SMART Goals
are Specific,Measurable,Attainable,Realistic,Time Oriented
5 Steps in the Financial Plan
1. Set Goals... 2. Analyze Information... 3. Create a Plan... 4. Imple…
9 terms
Financial Planning
Net worth
Pensions
401k plans
Traditional Individual Retirement Acco…
Total assets minus total liability .
Pension plan is a retirement plan which is sponsored by an em…
An account that an employee uses to save for retirement .
An IRA is an individual retirement account.A traditional IRA…
Net worth
Total assets minus total liability .
Pensions
Pension plan is a retirement plan which is sponsored by an em…
42 terms
Financial Planning
dividend
return on investment (ROI)
simple interest
compounded interest
a payment made by a company to a stockholder
the amount of money you earn compared to the amount of money…
Interest earned only on the original principal amount invested
interest calculated based on the principal plus interest that…
dividend
a payment made by a company to a stockholder
return on investment (ROI)
the amount of money you earn compared to the amount of money…
12 terms
Financial Planning
Term Life Insurance
Whole Life insurance
Disability Insurance
Medicaid
Policy holder pays a premium for a specific amount of time.
Premium more at first and less later & acts as a savings fund
Covers a person because they can't do their job because of a…
Government program to provide health insurance for the needy…
Term Life Insurance
Policy holder pays a premium for a specific amount of time.
Whole Life insurance
Premium more at first and less later & acts as a savings fund
68 terms
Financial Planning
risk vs reward
portfolio
diversification
mutual funds
the concept that the higher the risk in life, the greater the…
a collection of financial investments held by an individual o…
investing in various financial instruments in order to reduce…
pools of cash, bonds, and/or stocks; provides a means of dive…
risk vs reward
the concept that the higher the risk in life, the greater the…
portfolio
a collection of financial investments held by an individual o…
10 terms
Financial planning
Financial planning
Categories of Planing
Benefits of having a plan
Steps to making a financial plan
A thinking process that help you achieve goals. Arranging to…
Goals, budget, insurance, loans, debt, credit cards
Financial security, less chance of going into debt you cant h…
1. Determine current financial situation... 2. Develop your fina…
Financial planning
A thinking process that help you achieve goals. Arranging to…
Categories of Planing
Goals, budget, insurance, loans, debt, credit cards
14 terms
financial planning
matrimonial property law
extramatrimonial property law
what is the part of the acquisitino pa…
what forms of the perosnal asssets?
matrimonial property law
extramatrimonial property law
16 terms
Financial Planning
Disposable Income
Financial Plan
Budget
Fixed Expenses
Money you have left to spend or save after taxes have been pa…
Set of Goals for spending, saving, and investing the money yo…
Spending and Saving plan based on your expected income and ex…
Costs you are obligated to pay at specific times, regardless…
Disposable Income
Money you have left to spend or save after taxes have been pa…
Financial Plan
Set of Goals for spending, saving, and investing the money yo…
25 terms
Financial Planning
Paycheck
rent
needs
.25 x 1800
Which of these terms is an example of income?
Which of these is an example of a fixed expense?
When you are listing expenses in budgeting, list ________ fir…
If Sarah makes $1,800 a month and wants to spend 25% of her i…
Paycheck
Which of these terms is an example of income?
rent
Which of these is an example of a fixed expense?
100 terms
Financial Planning - Final Exam Review
What is a benefit of having a deductib…
The failure to take ordinary or reason…
The purchaser of an insurance policy
Buying an insurance policy is an examp…
When you file a claim you are not responsible for any damages.
Negligence
Policyholder
Shifting
What is a benefit of having a deductib…
When you file a claim you are not responsible for any damages.
The failure to take ordinary or reason…
Negligence
44 terms
Financial Planning Vocabulary
Adjustable Rate Mortgage ... (ARM):
Auto Insurance:
Budget:
Cash Flow:
Mortgage that has fluctuating principal and ... interest payment…
A type of insurance used by vehicle ... owners to cover costs as…
A chart that documents how much money ... an individual earns an…
The relationship between income and expenses in a budget. For…
Adjustable Rate Mortgage ... (ARM):
Mortgage that has fluctuating principal and ... interest payment…
Auto Insurance:
A type of insurance used by vehicle ... owners to cover costs as…
7 terms
Financial planning
Financial
Goals
Plan
Execute
Your income assets and liabilities
Make sure you have a mix of both short term and long term
You must write out detailed------... For accomplishing your goal…
This involves discipline and perseverance
Financial
Your income assets and liabilities
Goals
Make sure you have a mix of both short term and long term
48 terms
Financial Planning
Finance
economics
financial enviroment
good financial markets make it...
study of how individuals, institutions, govs and businesses a…
allocation of scarce resources
encompasses the financial system, institutions, markets and i…
easy to borrow
Finance
study of how individuals, institutions, govs and businesses a…
economics
allocation of scarce resources
14 terms
Financial planning
401
529 plan
APR
APY(annual percent yield)
Retirement plan
Education saving plan
Annual coast of borrowing money, expressed as a percent of th…
Annual rate of return you earn on your investment, expressed…
401
Retirement plan
529 plan
Education saving plan
14 terms
Financial planning
Financial Planning
Rate of return
Future value of money
Risk
a process that involves setting financial goals along with th…
the amount of money gained or lost on an investment relative…
the amount an original deposit will be worth in the future, b…
the measure of the likelihood that a product will lose value
Financial Planning
a process that involves setting financial goals along with th…
Rate of return
the amount of money gained or lost on an investment relative…
Financial Planning
Revenue:
Expenses:
Budget
Start-up budget:
all income that a business receives over a period of time
costs of operating a business
detailed plans for the financial needs of a business
plans income and expenses from the beginning of a new busines…
Revenue:
all income that a business receives over a period of time
Expenses:
costs of operating a business
11 terms
Financial Planning
accounts payable
accounts receivable
assets
cash records
money owed by a company to its creditors
money owed to a company by its debtors.
a useful or valuable thing, person, or quality
accounting is an accounting method where receipts are recorde…
accounts payable
money owed by a company to its creditors
accounts receivable
money owed to a company by its debtors.
45 terms
Financial Planning
Five Basic Steps to personal Financial…
Step 1: Evaluate Your Financial Health
Step 2: Define Your Financial Goals
Step 3: Develop a Plan of Action
Step1: Evaluate Your Finial Health, Step 2: Define Your Finan…
Financial plan begins with an examination of your current fin…
Define your goals for your financial plan. Attaching costs, d…
Develop an action plan to achieve your goals. This includes a…
Five Basic Steps to personal Financial…
Step1: Evaluate Your Finial Health, Step 2: Define Your Finan…
Step 1: Evaluate Your Financial Health
Financial plan begins with an examination of your current fin…
9 terms
Financial Planning
Closing Costs
Appraisal
Title Search
Principal
A variety of costs associate with buying a home which occur a…
The process of putting a value on property
Goal is to assure you and your lender that the seller is the…
The amount borrowed
Closing Costs
A variety of costs associate with buying a home which occur a…
Appraisal
The process of putting a value on property
8 terms
Financial Planning
Assets
Budget
Fixed expenses
Gross income
Items of value that you own, including money
An estimate of anticipated income and expenses for a certain…
Regular payments that don't vary in amount
The total amount of money earned before taxes and other paych…
Assets
Items of value that you own, including money
Budget
An estimate of anticipated income and expenses for a certain…
8 terms
Financial Planning
need
want
delayed gratification
values
things you need to have in order to survive
things you dont need to have to survive but want to have
saving money through time to make a major purchase
beliefs and practices in your life that are important to you
need
things you need to have in order to survive
want
things you dont need to have to survive but want to have
17 terms
financial planning
budget
balance sheet
assets
liabilities
a plan for spending and saving money
a statement of what you own and what you owe
items of value that you own, including money
debts or obligations owed to others
budget
a plan for spending and saving money
balance sheet
a statement of what you own and what you owe
24 terms
Financial planning
Escrow
Principal
Title search
Conventional loan
$ held by a third party on behalf of transacting parties. Pro…
Amount borrowed
Seller is legal owner of property assurance
Not made by govt.
Escrow
$ held by a third party on behalf of transacting parties. Pro…
Principal
Amount borrowed
9 terms
Financial Planning
Beneficiary
Claim
Coverage
Deductible
a person who derives advantage from something, especially a t…
A formal request to an insurance company asking for a payment…
The amount of risk or liability covered for an individual or…
the deductible is the amount of expenses that must be paid ou…
Beneficiary
a person who derives advantage from something, especially a t…
Claim
A formal request to an insurance company asking for a payment…
9 terms
Financial Planning
Beneficiary
Claim
Coverage
Deductible
a person who derives advantage from something, especially a t…
state or assert that something is the case, typically without…
the extent to which something deals with or applies to someth…
(in an insurance policy) a specified amount of money that the…
Beneficiary
a person who derives advantage from something, especially a t…
Claim
state or assert that something is the case, typically without…
22 terms
Financial Planning
Transportation
Housing
Mortgage
Homeowner's Insurance
Any method of getting from one place to another, including ca…
Any dwelling that provides shelter
A loan to finance the purchase of real estate, usually with s…
A policy covering both the home and it's contents for damage…
Transportation
Any method of getting from one place to another, including ca…
Housing
Any dwelling that provides shelter
70 terms
Financial Planning
Annual Exclusion
Attorney-in-fact
Beneficiary
Community Property
an exclusion from gift taxes for present interest transfers l…
agent or power holder of a power of attorney
The person entitled to receive the death benefit of a life in…
A regime in which married individuals own an equal and undivi…
Annual Exclusion
an exclusion from gift taxes for present interest transfers l…
Attorney-in-fact
agent or power holder of a power of attorney
12 terms
Money Management: Banking & Financial Planning
savings account
checking account
cash
save
a place where you put money you want to use later
an account that you can take money out of using a check or a…
to exchange a check for money
to keep something and collect more
savings account
a place where you put money you want to use later
checking account
an account that you can take money out of using a check or a…
63 terms
Financial Planning Exam 1
Ask Price
Assets
Balance Sheet
Best Efforts Agreements
The lowest prices a seller is willing to accept
Items owned or property owned by a firm, household, or govern…
Financial statement that list (as of point in time) what an e…
No guarantee of public sales of securities, risk is with comp…
Ask Price
The lowest prices a seller is willing to accept
Assets
Items owned or property owned by a firm, household, or govern…
21 terms
Financial Planning
Thermometors
Pool of Money
Mutual Fund
Cancelled Check
Dow Jones, S&P 500, and NASDAQ
Group of Investors used to purchase a bundle of securities
Funds are professionally managed by a fund manager, charge fe…
Check stamped indicating that it has been cleared
Thermometors
Dow Jones, S&P 500, and NASDAQ
Pool of Money
Group of Investors used to purchase a bundle of securities
32 terms
Financial Planning
Financial planning
Needs
Wants
Values
a process used to achieve financial success based upon the de…
Basic requirements for human survival
Desires that can be satisfied by consuming a good or service
Beliefs of a person or social group in which they have an emo…
Financial planning
a process used to achieve financial success based upon the de…
Needs
Basic requirements for human survival
9 terms
financial planning
determine net worth
pensions
401k
traditional individual retirement acco…
Total Assets minus Total Liability = Net Worth
plan is a retirement plan which is sponsored by an employer
an account that an employee uses to save for retirement. This…
an individual retirement account. A traditional IRA is tax de…
determine net worth
Total Assets minus Total Liability = Net Worth
pensions
plan is a retirement plan which is sponsored by an employer
21 terms
Financial planning
Financial planning
Value
Goal
SMART goal
arranging to spend, save, and invest money to live comfortabl…
Fundamental belief or practice about what is desirable and im…
Something that you aim for... Provide direction... Focus on the i…
Specific - State exactly what is to be done... Measurable - How…
Financial planning
arranging to spend, save, and invest money to live comfortabl…
Value
Fundamental belief or practice about what is desirable and im…
18 terms
Financial Planning
Revenue
Expenses
Budget
Start-up budget
all income that a business receives over a period of time
costs of operating a business
detailed plans for the financial needs of a business
plans income and expenses from the beginning of a new busines…
Revenue
all income that a business receives over a period of time
Expenses
costs of operating a business
8 terms
Financial planning
annual percentage rate
Depreciation
Credit report
Loan term
Cost of borrowing money on an annual... basis; takes into accoun…
A decrease or loss in value
A detailed report of an individual's... credit history
Time frame that a loan agreement is... in force, and before or a…
annual percentage rate
Cost of borrowing money on an annual... basis; takes into accoun…
Depreciation
A decrease or loss in value
16 terms
financial planning
Financial Planning
Goal
Value
Need
arranging to spend, save, and invest money to live comfortabl…
something you aim for
fundamental belief or practice about what is desirable and im…
basic things we need to survive
Financial Planning
arranging to spend, save, and invest money to live comfortabl…
Goal
something you aim for
9 terms
Financial planning
Installment loan
Revolving credit
Open credit
Closed credit
A loan provided for specific purchases, with interest charged…
Continually open, payment is % of outstanding balance. Sets l…
Must make minimum payment, but can make additional payments w…
Must make minimum payment, but can not make additional paymen…
Installment loan
A loan provided for specific purchases, with interest charged…
Revolving credit
Continually open, payment is % of outstanding balance. Sets l…
67 terms
Financial Planning
banker
budget
financial plan
financial planner
Someone who, individually or as a member of a company, operat…
A detailed plan of income and expenses expected over a certai…
A comprehensive strategy designed to help individuals achieve…
A professional who analyzes a client's overall financial situ…
banker
Someone who, individually or as a member of a company, operat…
budget
A detailed plan of income and expenses expected over a certai…
15 terms
Financial Planning
401k
403B
Emergency fund
Budget
A qualified plan established by employers to which eligible e…
A retirement plan for certain employees of public schools, ta…
An account that is used to set aside funds to be used in an e…
A financial way to balance your earnings into spending money…
401k
A qualified plan established by employers to which eligible e…
403B
A retirement plan for certain employees of public schools, ta…
12 terms
Financial Planning
4 Actions to achieve financial credibi…
Budget
Master Budget
Operating Budget
1. setting financial goals/objectives 2. knowing accomplishme…
-forecast of future needs... -based on factual data from past... -g…
-coordinates every aspect of operation... -consists all 3 other…
-plan minimally includes revenue or expense for years... -day to…
4 Actions to achieve financial credibi…
1. setting financial goals/objectives 2. knowing accomplishme…
Budget
-forecast of future needs... -based on factual data from past... -g…
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