Family Finance
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13 Terms
charitable organization/charity
an organization or group with the mission of performing social good
non-profit organization
A business or corporation created for a cause other than money or returning money to investors. Some pay taxes, some do not.
501(C)(3)
A non-profit that the IRS exempts from paying taxes
What kind of organization is the Church
501(C)(3)
income and expense statement
a record of your past cash inflows and outflows over a specified period of time— usually the previous month or year
net worth statement
a snapshot of your total assets minus your total liabilities on a particular day
Net Worth =
Assets - Liabilities
Debt Ratio =
Liabilities / Net Worth
Current Ratio =
Liquid Assets / Current Liabilities
Liquidity Ratio =
Liquid Assets / Monthly Expenses
Debt-Payments Ratio =
Monthly Credit Payments / Take-home Pay
Savings Ratio =
Amount Saved each month / Gross Income
Note 
Flashcards (30)