A document or spreadsheet outlining an individual's financial position at a given point in time. A resource that an individual owns with the expectation that it will provide a future benefit. An asset that can easily be converted into cash in a short amount of time. Real or personal property valued and used for everyday consumption. Any assets you purchase with the expectation of receiving some monetary value in the future with an. expected return as reward for your delayed earnings. Debts payable over a longer period of time. The value that is left after subtracting liabilities from assets. Budgeting strategy popularized by entrepreneur Jim Rohn that allocates your afte-tax money into four distinct categories. A tax governments impose on income generated by businesses and individuals within their jurisdiction. A tax system in which higher-earners pay a higher tax rate compared to their lower income counterparts. The amount of income used to calculate how much tax an individual or a company owes to the government in a _ Itemized Deductions given tax year. The tax rate you would pay on one more dollar of taxable income. The average tax rate paid by an individual using only the total tax divided by taxable income. The portion of income not subject to tax that can be used to reduce your tax bill. Effective Tax Rate Expenditures on eligible products or services or contributions that can be subtracted from your adjusted Federal Income Tax gross income to reduce your tax liability