Top ten concepts
By: Lauren Hooper
- 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.