Personal Financial Statements
What is the term for the day-to-day financial activities associated with using limited income?
What is money management?
What is one main purpose of a budget?
What is to help people live within their income?
What are the four main categories of taxes?
What are taxes on purchases, property, wealth, and earnings?
What is the financial planning process?
What is evaluating one’s financial position, setting financial goals, and guiding activities toward reaching those goals?
What are the three main categories of a personal balance sheet?
What are assets, liabilities, and net worth?
What does the SMART acronym stand for in setting financial goals?
What are Specific, Measurable, Action-oriented, Realistic, and Time-based?
What is the first step in preparing a federal income tax return?
What is determining gross income?
What is one common source of income during retirement?
What is Social Security or pensions?
What does a cash flow statement compare?
What are cash inflows and cash outflows?
Name two commonly used budget categories.
What are savings and food?
What is a tax credit?
What is an amount that reduces the tax owed?
What should you do when reviewing a financial plan?
What is revise financial goals and review financial activities?
What do cash outflows represent?
What are amounts spent for food, clothing, transportation, and other living expenses?
What are five characteristics of an effective budget?
What are realistic, flexible, evaluated regularly, well planned and clearly communicated, and in a simple format?
Name one source of tax assistance.
What is the IRS or tax preparation services?
What is a financial inventory?
What is the creation of a personal balance sheet and cash flow statement?
What is the purpose of creating a personal balance sheet?
What is to assess one's financial position by listing assets, liabilities, and net worth?
What is one key activity in the budget process?
What is maintaining financial records?
What is the difference between tax-exempt and tax-deferred investments?
What is that no federal income tax is ever paid on tax-exempt investments?
What are three actions for implementing a financial plan?
What are insuring current income, planning for future income, and revising the financial plan?