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BALANCE SHEET: A statement of the assets, liabilities, and net worth of a company at a given point in time. The basic relationship illustrated by a balanced sheet is that assets minus liabilities are equal to net worth. Or alternatively, assets are equal to liabilities plus net worth. This is one of two financial statements for an entity. The other is an income statement, which reports the revenues, expenses, and profit over a period of time.
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LIQUIDITY The ease with which an asset can be converted to money with little or no loss of value. Money, currency and checkable deposits, is the benchmark for liquidity. Money is what other assets are converted to. Different assets have differing degrees of liquidity. Financial assets have differing degrees of liquidity but tend to be more liquid that physical assets. Liquidity is important to components of the three monetary aggregates tracked and reported by the Federal Reserve System--M1, M2, and M3.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. " -- George Allen, U.S. senator
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CPS
Current Population Survey (US)
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