What is the day to day financial activities associated with limited income to satisfy your unlimited needs and wants.
100
What does the term "Cash Flow Statements" mean?
What is the act of reporting net wages and other income along with spending for a period, such as for a month.
100
The Budget Process consists of what steps?
What is
1) set financial goals
2) plan budget categories
3) maintain financial records
4) evaluate your budget
100
The term Budget Variance means what?
What is the actual difference between spending amounts and budget amounts.
100
A Financial Plan is...
What is a report that summarizes tour current financial conditions, needs, and sets you in the direction for your future financial activities.
200
What does the term "presonal assets" mean?
What is items of value such as money, investments, furniture, clotheing, ect.
200
Cash Inflows are...
What is the money you have available to spend as a result of wourking or from other income.
200
Fixed Expences are what?
What is costs that occur on a regular basis and are for the same amount each time.
200
Happens when the actual spending is greater than the planned spending.
What is a deficit?
200
What does the term "Individual Retierment Account" (IRA) mean?
What is a tax-sheltered retierment plan in whic people can annually invest money up to a certian amount.
300
What are liabilities?
What is amounts owed to others (debt). Some examples are credit card balances, car loans, and home morgage.
300
The net income/take-home pay is...
What is the amount of a paycheck after taxes and other payroll deductions.
300
Variable Expences are what?
What is involving costs that differ each time and may not be as easy to estimate.
300
Name 5 things that are characteristics of an Effective Budget.
What is
1. Must be realistic.
2. Should be flexible.
3. Should be evaluated regularly.
4. Must be well planned and clearly communicated.
5. Should have a simple format.
300
Estate Planning is...
What is involving the management of property during one's lifetine and the distribution of one's property at death.
400
What does the term "Net Worth" mean?
What is the difference between a person's assets and liabilities, the difference represents the amount of money that could be claimed if all assets were sold and all debts were payed off.
400
Cash Outflows are...
What is amounts spent on food, clothing and other living costs.
400
An Allowance is...
What is the amount of money planned to use for a certian budget category.
400
A Surplus is...
What is when you spend less than your planned budget amout and have left over money.
400
The Financial Planning Process consists of what?
What is
1. Anylize your current financial position.
2. Develope financial goals tht are responsive to your vision.
3. create your financial plan.
4.Implement the plan.
5.Revise your financial plan.
500
The definition for Owner's Equity is what?
What is another name for net worth.
500
The Kiplinger's Personal Finance and Money is...
What is help for developing a budget that comes from the government reports on the family spending habits.