Liabilities Are Amounts Representing

Question: Money Management

Answer: Day to day financial activities necessary to manage current personal economic resources while working toward long term financial security.

Daily spending and savings decisions are central to financial planning

  • Must be coordinated with needs, goals, and personal situations.

  • Question: Asset

  • Answer: Cash and other tangible property with monetary value.

  • Question: What are the 3 Components of Money Management activities?

  • Answer: 1. Storing and maintaining personal financial records and documents.

  • 2. Creating personal financial statements

  • 3 Creating and implementing a plan for spending and saving (budgeting).

  • Question: What a System for Personal Financial Records do:

  • Answer: Provides a basis for:

  • 1 Handling daily business affairs, such as bill paying.

  • 2 Planning and measuring financial progress.

  • 3 Completing required tax reports.

  • 4 making effective investment decisions.

  • 5 Determining available resources for current and future buying.

  • Question: Records in Your Home File

  • Answer: 1 Personal and Employment records

  • 2 Money management records

  • 3 Tax records

  • 4 Financial services records

  • 5 Credit records

  • 6 Consumer purchase and auto records

  • 7 Housing records

  • 8 Insurance records

  • 9 Investment records

  • 10 Estate planning and retirement records

  • Question: Safe Deposit Box

  • Answer: A private storage area at a financial institution with maximum security for valuables.

  • Question: What types of financial records and documents should be kept in a Safe-Deposit Box?

  • Answer:

  • Question: What types of financial records and documents should be kept in a Computer?

  • Answer: - Current and past budgets

  • - Summary of checks written and other banking transaction

  • - Past Income Tax returns

  • - Account summaries, performance results of investments

  • - Digital versions of wills, estate plans and other documents.

  • Question: Balance Sheet

  • Answer: A financial statement that reports what an individual or family owns and owes: also called net worth statement or statement of financial position.

  • Question: Items of Value minus ( - ) Amount Owed

  • (what you own) (what you owe)

  • Answer: = Net Worth

  • (your wealth)

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