Need help ASAP please someone.

Answer:

1. Family Life Cycle.

2. Goals.

3. Checking Accounts.

4. Budgets.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB). Some of the terminologies used in financial accounting includes the following;

1. Family Life Cycle: explains how a person changes financial position, earnings, consumption and savings throughout the life cycle.

2. Goals: the focal points of developing a personal financial plan; need to have a set of priorities and a target date for achievement; require constant updating as a result of the changing family life cycle.

3. Checking Accounts: allow the user to withdraw and deposit money at anytime, used for daily expenses; usually free.

4. Budgets: assist in planning financial situations throughout the year; act as a control mechanism in regards to the way money is spent; assist in reorganizing finances to reduce debt or increase savings.

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