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Chapter sixteen
| Question | Answer |
|---|---|
| What are personal assets? | Things such as money in bank accounts, investments, furniture, clothing, automobiles, jewelry, and rare coins. |
| 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 is a net worth? | The difference between a person's assets and liabilties. |
| What is a cash flow statement? | Reports net wages and other income along with spending for a period, such as for a month. |
| What are the main purposes of having a budget? | Live within your income, achieve your financial goals, buy wisely, avoid credit problems, plan for financial emergencies, and develop good money managment skills. |
| What are the four steps in the budget process? | 1. setting financial goals, 2. Planning budget categories, 3. Maintaining financial records, and 4. Evaluating your budget. |
| What is the difference between a fixed expense and a variable expense? | Fixed expenses are costs that occur on a regular basis for the same amount each time. Variable expenses involve living costs that differ each time and may not be as easy to estimate. |
| What are some examples of fixed and variable expenses? | Fixed expenses include, rent, mortgage payments, and insurance. Variable expenses include, food, clothing, medical, and utilities, such as telephone, electricity, and water. |
| What are personal assets? | Things such as money in bank accounts, investments, furniture, clothing, automobiles, jewelry, and rare coins. |
| 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 is a net worth? | The difference between a person's assets and liabilties. |
| What is a cash flow statement? | Reports net wages and other income along with spending for a period, such as for a month. |
| What are the main purposes of having a budget? | Live within your income, achieve your financial goals, buy wisely, avoid credit problems, plan for financial emergencies, and develop good money managment skills. |
| What are the four steps in the budget process? | 1. setting financial goals, 2. Planning budget categories, 3. Maintaining financial records, and 4. Evaluating your budget. |
| What is the difference between a fixed expense and a variable expense? | Fixed expenses are costs that occur on a regular basis for the same amount each time. Variable expenses involve living costs that differ each time and may not be as easy to estimate. |
| What are some examples of fixed and variable expenses? | Fixed expenses include, rent, mortgage payments, and insurance. Variable expenses include, food, clothing, medical, and utilities, such as telephone, electricity, and water. |
Created by:
stephhansen
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