Spending Plans and other Financial Statements: Match the term with the best explanation. (14 points)



Expense




Gross income




Income




Income and Expense Statement


k

Investment asset




Liability




Market value




Net gain




Net income




Net loss




Savings




Spending plan




Statement of Financial Position




Wealth


a. When expenses are greater than income
b. When income is greater than expenses
c. An individual’s income earned as salary or wages before taxes and other deductions
d. A measurement of how much a person or household owns once all debts have been paid
e. An income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time
f. A debt or obligation owed to others
g. The amount you could realistically sell an asset for today
h. A financial statement that describes an individual or family’s financial condition on a specified date by showing assets, liabilities, and net worth
i. Take home pay
j. Lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year
k. Financial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the future
l. The portion of current income not spent on consumption
m. Money spent
n. Money received