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.chapter16.
Money Management and Financial Planning
| Question | Answer |
|---|---|
| What refers to the day-to-day financial activities associated with using limited income to satisfy your unlimited needs and wants? | money management |
| What are items of value? | personal assets |
| What is the difference between a person's asset and liabilities? | net worth |
| What reports net wages and other income along with spending for a period? | cash flow statement |
| What are costs that occur on a regular basis and are for the same amount each time? | fixed expenses |
| What involve living costs the differ each time and may not be as easy to estimate? | variable expenses |
| What is the amount of money you plan to use for a certain budget category? | allowance |
| What is actual spending compared with budgeted amounts? | budget variance |
| What is a report that summarizes your current financial condition, acknowledges your financial needs, and sets a direction for your future financial activities? | financial plan |
| What involves the accumulation and management of property during one's lifetime and the distribution of one's property at death? | estate planning |
Created by:
schreiner
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