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• Debts a firm owes to others. liabilities
• Ratios that measure the speed with which a company can turn assets into cash to pay off short-term debt. liquidity ratios
• The internal use of accounting statements by managers in planning and directing the organization’s activities. managerial accounting
• The profit (or loss) after all expenses including taxes, have been deducted from revenue; also called net earnings. net income
• Assets minus liabilities; all the money that has ever been contributed to a firm and does not have to be paid back. owners’ equity
• Data used by investors to compare the performance of one company with another on an equal, per share basis. per share data
• Accountants employed by a corporation, government agency, or other organization to prepare and analyze its financial statements. private accountants
• Net income divided by sales. profit margin
• Ratios that measure the amount of operating income or net income a firm is able to generate relative to its assets, owners’ equity, and sales. profitability ratios
• A stringent measure of liquidity that eliminates inventory. quick ratio (acid test)
• Calculations that measure an organization’s financial health. ratio analysis
• Sales divided by accounts receivable. receivables turnover
• Net income divided by assets. return on assets
• Net income divided by owners’ equity; also called return on investment. return on equity
• The total amount of money received (or promised) from sales and related business activities. revenue
• An explanation of how the company’s cash changed from the beginning of the accounting period to the end. statement of cash flow
• Operating income divided by interest expense. times interest earned ratio
• Sales divided by total assets. total asset turnover
• A system that permits payments such as deposits or withdrawals to be made to and from a bank account by magnetic computer tape. automated clearinghouses (ACHs)
• The most familiar form of electronic banking, which dispenses cash, accepts deposits, and allows balance inquiries and cash transfers from one account to another. automated teller machine (ATM)
• Firms that buy and sell stocks, bonds, and other securities for their customers and provide other financial services. brokerage firms
• Savings accounts that guarantee a depositor a set interest rate over a specified interval as long as the funds are not withdrawn before the end of the period. certificates of deposit (CDs)
• Money stored in an account at a bank or other financial institution that can be withdrawn without advance notice; also called a demand deposit. checking account
• The largest and oldest of all financial institutions, which perform a variety of financial services but rely mainly on checking and savings accounts as sources of funds for loans to businesses and individuals. commercial banks
• Means of access to preapproved lines of credit granted by a bank or a finance company; they allow cardholders to promise to pay for products at a later date. credit cards
• The Fed’s authority to establish and enforce credit rules for financial institutions and some private investors. credit controls
• A financial institution owned and controlled by its depositors, who usually have a common employer, profession, trade group, or religion. credit union
• A card that looks like a credit card but works like a check; using it results in a direct, immediate, electronic payment from the cardholder’s checking account to a merchant or third party. debit card
• The interest rate the Fed charges to loan money to any banking institution to meet reserve requirements. discount rate
• Any movement of funds by means of an electronic terminal, telephone, computer, or magnetic tape. electronic funds transfer (EFT)
• An insurance fund established in 1933 to insure individual bank accounts. Federal Deposit Insurance Corporation (FDIC)
• The guardian of the U.S. financial system; an independent agency of the federal government established in 1913 to regulate the nation’s banking and financial industry. Federal Reserve Board
• The study of money: how it’s made, how it’s lost, and how it’s managed. finance
• Businesses that offer short-term loans at higher rates of interest than banks. finance companies
• Businesses that protect their clients against financial losses from certain specified risks (death, accident, and theft, for example) in exchange for a fee, called a premium. insurance companies
• Means by which the Fed controls the amount of money available in the economy. monetary policy
• Anything generally accepted in exchange for goods and services. money
• Accounts that are similar to interest-bearing checking accounts, but which offer higher interest rates and have greater restrictions. money market accounts
• An investment company that pools individual investor dollars and invests them in large numbers of well-diversified securities. mutual fund
• Financial institutions that are similar to savings and loan associations but, like credit unions, are owned by their depositors. mutual savings banks
• An agency that regulates and charters credit unions and insures their deposits through its National Credit Union Insurance Fund. National Credit Union Association (NCUA)
• Decisions by the Fed to buy or sell U.S. Treasury bills and other investments in the open market. open market operations
• Managed investment pools set aside by individuals, corporations, unions, and some nonprofit organizations to provide retirement income for members. pension funds
• The percentage of deposits that banking institutions must hold in reserve. reserve requirements
• Accounts with funds that usually cannot be withdrawn without advance notice; also known as time deposits. savings accounts
• Financial institutions that primarily offer savings accounts and make long-term loans for residential mortgages; also called thrifts. savings and loan associations (S&Ls)
• Debt instruments that larger companies sell to raise long-term funds. bonds
• The process of analyzing the needs of a business and selecting the assets that will maximize its value. capital budgeting
• CDs issued by commercial banks and brokerage companies, available in minimum amounts of $100,000, which may be traded prior to maturity. commercial certificates of deposit (CDs)
• A written promise from one company to another to pay a specific amount of money. commercial paper

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