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