FBLA --> Intro to Financial Math 2

Capital

The excess of a company's assets over its liabilities

Assets

Property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies

Legacies

An amount of money or property left to someone in a will

Collateral

Something pledged as security for repayment of a loan, a to be forfeited in the event of a default

Trustee

an individual person or member of a board given control or powers of administration of property in trust with a legal obligation to administer it solely for the purposes specified.

Heir

a person legally entitled to the property or rank of another on that person's death.

Executer

a person or institution appointed by a testator to carry out the terms of their will.

Credit cash

All incomes and gains. An entry which is passed when there is a decrease in assets or an increase in liabilities and owners equity. If referring to a personal account credit is the giver. In the real account it's what goes out. In a nominal account it is all incomes and gains. (Right) increase in credit is due to rise in share holders fund, membership fees, rental income, retained earnings, account payable, etc.

Debit cash

All expenses and losses. An entry which is passed when there is an increase in asset or decrease in liabilities and owners equity. (Left) if on personal account it's the receiver. On a real account it's what comes in. On a nominal account it's all expenses and losses. It's increase in debit is due to rise in cash, inventory, plant and machinery, land and building,expenses like salary, insurance, tax,dividend,etc.

Current assets

cash and other assets that are expected to be converted to cash within a year.

Current liabilities

amounts due to be paid to creditors within a year

Endorsement

a clause in an insurance policy detailing an exemption from or change in coverage.

NSF

NSF International is an accredited, independent third-party certification body that tests and certifies products to verify they meet these public health and safety standards. Products that meet these standards bear the NSF mark. NATIONAL SANITATION FOUNDATION

Maker

a person or thing that makes or produces something.

Payee

a person to whom money is paid or is to be paid, especially the person to whom a check is made payable.

Endorser

A person who is authorized to sign a negotiable security in order to transfer ownership from one party to another, or to approve the terms and conditions of a contract.

ABA numer

An ABA number (also known as routing number or routing transfer number) is a sequence of nine numeric characters used by banks to identify specific financial institutions within the United States.

Overdraft

a deficit in a bank account caused by drawing more money than the account holds.

Bounce check

When there are insufficient funds in an account, the bank will "bounce the check" (refuse to honor it). Banks and vendors frequently charge fees for bounced checks, sometimes exceeding the amount for which the check was written.

Net worth

Net worth (sometimes called net or wealth) is the total assets minus total outside liabilities of an individual or a company. Net worth is used when talking about the value of a company or in personal finance for an individual's net economic position. Put another way, net worth is any asset owned minus any debt owed.

Net income

In business, net income (total comprehensive income, net earnings, net profit, informally, bottom line) is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.

Tenant

a person who occupies land or property rented from a landlord.

Character

A symbol representing a letter or number

1 mile

1609.344 meters

1pint

2 cups(c)

1 gallon

4 quarts(qt)

1 quart

2 pints(pt)

1cup

8 fluid ounces

1 gallon

128 fl. Oz.

1 liter

33.814 us fluid ounces

1 mile

1.609 kilometers