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MM Chap4 Study Guide

Study Guide for Chapter 4 Money Matters

False Savings should be included in your list of cash inflows when creating the personal cash flow statement.
False Savings should be added to income when balancing the budget.
True Because most people do not have enough resources to meet all their needs and wants, they must make choices.
False If you spend less money on an item than you planned to spend, this is an unfavorable variance in your budget analysis.
True When preparing a personal budget, you should plan to put money into savings before you consider other expenses.
True A goal you expect to achieve by next year would be classified as a short-term goal.
False Financial goals should be set before personal goals, because your personal goals will be dependent on them.
False A personal net worth statement shows a person’s cash inflows and cash outflows for a period of time.
True Although people’s financial resources are limited, their wants and needs are unlimited and growing.
False Your wealth can be measured using the personal cash flow statement.
True The amount owed on your credit card is an example of a liability.
True Benchmarks may consist of steps or specific actions to take.
False One advantage of manual records of financial information is that they do not require protection from unauthorized uses and users.
True With every buying decision, there is a trade-off and an opportunity cost.
False A financial planner who profits from the investments a client chooses is more likely to recommend investment products that best meet the needs of the client.
discretionary income The amount of money a person has to spend after needs are met
$13,000 car loan This would not be included in a person’s listing of assets
a variable expense A utility bill is an example of
adjust savings , increase income or lower expenses What should you do if your budget does not balance?
benchmarks Standards against which progress is measured in reaching goals
phishing A common Internet scam in which an email is sent from someone posing as your bank or other legitimate business asking for personal information
net cash flow A personal net worth statement does not show
assets minus liabilities Your net worth can be computed as
rent This would be considered a fixed expense
intermediate goals Goals you wish to achieve in the next two to five years are
Identity theft occurs when someone uses your personal information without permission to commit fraud or other crimes.
Assets money and items of value that you own.
financial plan contains personal and financial goals you want to accomplish along with steps and a timeline for reaching these goals.
delayed gratification Doing without an item you would like to buy now in order to save money to fulfill an intermediate or long-term goal is an example of
Financial resources include money or other items of value that people can use to acquire goods and services
appreciating Assets that are growing in value over time are said to be
financial planner a professional consultant who provides advice to help people develop plans to meet their financial goals.
timeline a visual display of how long it will take to achieve each phase of your financial plan.
budget a spending and saving plan based on expected income and expenses.
encryption the process of converting data to a coded form, will help protect your electronic information.
Created by: mrstephens