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Miss Loveless Unit-3
Money Management
| Question | Answer |
|---|---|
| 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
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