chapter 3
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| Market value | The price at which property could be sold
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| Personal financial statements | Documents that provide information about your current financial position and present a summary of your income and spending
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| Surplus | Extra money that can be spent or saved
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| Net worth | The difference between the amount you own and the debts you owe. This also goes up when you pay off previous debts.
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| deficit | The situation that occurs if a person spends more money than he or she receives.
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| Money management | The method of planning how to get the most from you money
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| Current liability | The debts that you owe
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| Liquid assets | Cash and items that can be quickly converted to cash.
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| Discretionary income | The money left over after essentials are paid for.
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| Safe-deposit box | A small, secure storage compartment that can be rented in a bank- can sometimes cost $100 to rent.
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| Cash flow statement | This shows important feedback on your incomes and spending patterns.
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| Liabilities | An example of this would be taxes.
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| Variable expense | An example of this would be an electric bill
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| Setting goals | This is the first step in planning a budget.
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| A deficit is when more money is spent than is earned or received. | TRUE
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| A home fire safe-box is a good way to protect an important document from theft. | TRUE
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| A measure of the changes in prices for commercially purchased goods and services is called the consumer price index. | TRUE
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| A telephone bill is a liability. | TRUE
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| Insolvency happens when the total of your liabilities is greater than your assets. | TRUE
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| Real estate is an example of a liquid asset. | TRUE
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| Take home pay is equal to your salary. | FALSE
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| The title to your car is an example of a personal financial document. | TRUE
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| The total of your fixed and variable expenses is your cash flow. | TRUE
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| You should include bonuses you might get at work when you estimate your income. | FALSE
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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