| Question |
 |
|
| Answer |
|
|
| assets |
What you own |
| retirement planning |
Determining how much money you should set aside each year for retirement and how you should invest those funds. |
| personal financial plan |
A plan that specifies your financial goals and describes the spending, financing, and investing plans that are intended to achieve those goals. |
| insurance planning |
Determining the types and amount of insurance needed to protect your assets. |
| net worth |
The value of what you own minus the value of what you owe. |
| opportunity cost |
What you give up as a result of a decision. |
| budget planning |
______ ______ is the process of forecasting future expenses and savings. |
| liquidity |
Your ability to access funds to cover any short |
| estate planning |
Determining how your wealth will be distributed before or upon your death. |
| risk |
Uncertainty surrounding the potential return on an investment. |
Beef Production
