Top ten concepts

By: Lauren Hooper

Depository Institutions

  • An organization, which may be either for-profit or non profit that takes money from clients and places it in any of a variety of investment vehicles for the benefit of both the client and the organization.
  • Take deposits into safekeeping and use them to make loans to other customers.
  • Commercial banks and credit unions are both types of depository institutions.


  • Federal income tax is self earned, or earned by the people.
  • There are certain deadlines for returns and payments on all of your taxes.
  • 5 types: INcome, payroll, property, sales tax, and excise tax.

The Statement of Financial Position

  • Is a formal record of the financial activities of a business, person, or other entity.
  • Reports on a company's assets, liabilities, and ownership equity at a given point in time.
  • The net worth is like your personal financial thermometer.

The Income and Expense Statement

  • Is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.
  • The purpose of the income statement is to show managers and investor whether the company made or lost money during the period being reported.

The Spending Plan

  • With a monthly spending plan you should track current income and expenses personalize your spending plan, allocate money to each category implement and control, evaluate and make adjustments.
  • If your needs and wants change, or the amount of money you make changes, then you can change your spending plan to fit your new circumstances.