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Chpt. 16 GB
Personal Financial Statements
| Question | Answer |
|---|---|
| What is money management? | refers to the day-to-day financial activities associated with using limited income to satisfy your unlimited needs and wants. |
| What are personal assets? | Items of value. |
| What is net worth? | The difference between a person's assets and liabilities. |
| What is a cash flow statement | Reports net wages and other income along with spending for a period. |
| What are fixed expenses? | Costs that occur on a regular basis and are for the same amount each time. |
| What are variable expenses? | Involve living costs that differ each time and may not be as easy to estimate. |
| What is an allowance? | the amount of money you plan to use for a certain budget category. |
| What is Buget Variance? | Any difference between actual spending and budgeted amounts. |
| What is a financial plan? | A report that smmarizes your current financial condition, acknowledges your financial needs and sets a direction for your future financial activities. |
| What is estate planning? | invloves the accumulation and management of property during one's lifetime and the distribution of one's property at death. |
Created by:
main92
on 2009-11-02