Very very important financial statements everyone should know!

⚡Asset: Something that puts money in your pocket. *" With minimum labor"

⚡Balance sheet: The lower part of an income-statement , it is so called because it's supposed to balance assets against liabilities.

⚡CashFlow: Cash coming in as income and cash
going out as expenses. It is the direction of cash flow that determines whether something is income, expense, asset, or liability. Cash flow tells the story.

⚡ Financial Aptitude: What you do with the money once you make it, how to keep people from taking it from you, how to keep it longer, and how to make that money work hard for you.

⚡Golden Rule: He who has the gold makes the rules.

⚡Income: The money that is received as a result of the normal business activities of an individual or business.

⚡Income/profit-loss statement: It measures income and expenses: money in and money out.

⚡Liability: Something that takes money "out of your pocket".

⚡Mutual Fund: A variety of stocks, bonds, or securities grouped together, managed by a professional investment company and purchased by individual investors through shares. The shares possess no direct ownership value in the various companies.

⚡Social Security: A social welfare or social insurance program commonly funded through automatic payroll deductions to subsidize persons in their old age and with disabilities.