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Chapter 16
11/13/08
| Question | Answer |
|---|---|
| What term means, refers to the day-to-day financial activitites associated with using limited income to satisfy your unlimited needs and wants? | Money Management |
| What term means, items of value? | Personal Assets |
| What term means, the difference between a person's assets and liabilities? | Net Worth |
| What term means, reports net wages and other income along with spending for a period such as for a month? | Cash Flow Statement |
| What term means, are costs that occur on a regular basis and are for the same amount each time? | Fixed Expences |
| What term means, involve living costs that differ each time and may not be as easy to estimate? | Variable Expences |
| What term means, the amount of money you plan to us for a certain budget category? | Allowance |
| What term means, any difference between actual spending and budgeted amounts? | Budget Variance |
| What term means, a report that summarizes your current financial condition, acknowledges you finacial needs, and sets a direction for your future financial activities? | Financial Plan |
| What term means, a taxsheltered retirement plan in which people can annually incest earnings up to a certain amount? | Individual Retirement Account |
| What term means, invovles the accumulation and management of property during one's lifetime and the distribution of one's property at death? | Estate Planning |
Created by:
jacobsen616
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