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Miss Loveless Unit-3

Money Management

QuestionAnswer
What is money management? planning how to get the most from your money
______is considering whether to spend or your paycheck or save it in a bank account. Trade-offs
To be a better judge of your options you must consider you ______, _______, & ______. values, goals, and bank account statement play into your choice
Effective money management is to...? ...organize your personal financial documents.
What are some examples of personal financial documents? bank statements, paycheck recieps, recieps, other documents.
What do your personal financial documents include? they include records that are not directly related to your day-to-day use of money.
Day-to-day use of money include...? ...car ownership titles, birth certificates, tax forms, SS card. (social security)
what does organizing do to help you? it helps plan & measure your finance pragress, it can help you handle routine money matters, & it helps you know how much you will or already have
What is a home file? a file that contains employee records, tax records, investment records, consumer records.
What is a Safety Deposite Box? a secure storage box that contains your documents. (usually rented at a bank for less than $100 dollars a year)
What are Assets? Assets are any valuable items by a company. (cash, property, personal possesions & investments)
How many categories must you determine to define your assets? four types of wealth must be defined.
what is Wealth? Wealth is an abundance of resources or money.
what are liqued assets defined as? cash or items that can be quickly converted to cash (accounts in the bank)
____is land & any structures that are on a plot of land real estate!
what is market value? it is the price at which the property wold sell.
________ ________ are (for example) cars and any other valuable objects that are not real estate. personal possesions.
INvestment assets are...? things that include retirement accounts and securities such as stocks or bonds
what are liabilities? debts you owe!
Long-term liabities are...? debts that do not have to be paid in full for at least a year or longer
How do you determine your net worth? subtract your liabilities from your assets. the difference is your net worth
What is a Balance Sheet used for? its for evaluating your current financial situation
cash INflow is...? cash or income, money that is RECIEVED
How long does a Cash inflow STATEMENT last? about a month or a year. (it determines your financial situation during that period of time.
a cash flow statement must have what on it? it must record your income, your expenses, and your current net cash flow.
What do financial experts usually check about a person's financial situation? they evaluate their income, their discretionary income (extra money)
The _____ your discretionary the _____ you are. better, better
You should do what with your monthly expenses? RECORD THEM!
What's the difference between fixed and variable expenses? fixed expenses-expenses every month, teh same value. variable expenses-expenses that vary per month, but range around the same, but NEVER are.
what do you get when you add your fixed and variable expenses? this is your cash OUTflow.
how do you determine your net cash flow? you must subtract your expenses from your income!
what is surplus defined as? surplus is and extra amount of money left over. (deficit is the opposite)
When your net cash flow changes so does your _______.... net worth
your net worth decreases when you start a ______. a deficit
when you have a deficit, you can fix it by...? borrowing money (only increasing your liabilities)or take out from your account (decreasing your assets)
Your net worth will go up if you end up with a ______ at the month. a surplus
Describe what a budget is. a budget is a plan using money to meet wants and needs
what is CPI? (costomer price index) the measure of the changes in the prices commonly purchased goods
what is budget variance? the difference between your budget amount and your spending amount
What are payroll savings? savings that is automatically withdrawn from your paycheck and put into an account or into retirement or savings
what is net worth? your liabilities subtracted from your assets
Created by: JenniferChan