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personal finance

chapter 3

TermDefinition
Market value The price at which property could be sold
Personal financial statements Documents that provide information about your current financial position and present a summary of your income and spending
Surplus Extra money that can be spent or saved
Net worth The difference between the amount you own and the debts you owe. This also goes up when you pay off previous debts.
deficit The situation that occurs if a person spends more money than he or she receives.
Money management The method of planning how to get the most from you money
Current liability The debts that you owe
Liquid assets Cash and items that can be quickly converted to cash.
Discretionary income The money left over after essentials are paid for.
Safe-deposit box A small, secure storage compartment that can be rented in a bank- can sometimes cost $100 to rent.
Cash flow statement This shows important feedback on your incomes and spending patterns.
Liabilities An example of this would be taxes.
Variable expense An example of this would be an electric bill
Setting goals This is the first step in planning a budget.
A deficit is when more money is spent than is earned or received. TRUE
A home fire safe-box is a good way to protect an important document from theft. TRUE
A measure of the changes in prices for commercially purchased goods and services is called the consumer price index. TRUE
A telephone bill is a liability. TRUE
Insolvency happens when the total of your liabilities is greater than your assets. TRUE
Real estate is an example of a liquid asset. TRUE
Take home pay is equal to your salary. FALSE
The title to your car is an example of a personal financial document. TRUE
The total of your fixed and variable expenses is your cash flow. TRUE
You should include bonuses you might get at work when you estimate your income. FALSE
Created by: auweb921
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