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ch.16.
| Question | Answer |
|---|---|
| What is money management? | The day-to-day financial activities associated with using limited income to satisfy your unlimited needs and wants. |
| What are personal assets? | Personal assets are items of value. |
| What is a net worth? | The difference between a person's assets and liabilities is your net worth. |
| What is a cash flow statement? | A cash flow statement reports net wages and other income along with spending for a period, such as a month. |
| What are fixed expenses? | Fixed expenses are costs that occur on a regular basis and are for the same amount each time. |
| What are variable expenses? | Variable expenses involved living costs that differ each time and may not be as easy to estimate. |
| What is an allowance? | An allowance is the amount of money you plan to use for a certain budget category. |
| What is budget variance? | Budget variance is the difference between these amounts of actual spending and budget spending. |
| What is a financial plan? | A financial plan is a report that summarizes your current financial condition, acknowledegs your financial needs, and sets a direction for your future financial activities. |
| What is individual retirement account? IRA? | The most popular retirement income plan that is a tax-sheltered retirement plan in which people can annually invest earning up to a certain amount. |
Created by:
morgie.marie
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