What is the day to day financial activities associated with limited income to satisfy your unlimited needs and wants
100
Cash flow statement is...
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 spending that is comapared with the budgeted amounts. any different amounts are the budget variances.
100
what is a financial plan?
What 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 asset" mean?
What is items of value such as money, investments, furniture, clotheing, ect.
200
What is cash inflow?
What is the money you have available to spend as a result of wourking or from other income.
200
After savings, fixed expences are what?
What is costs that occur on a regular basis and are for the same amount each time.
200
wha is a deficit?
Happens when the actual spending is greater than the planned spending.
200
What is the definition of individual retierment account (IRA)?
What is a tax-sheltered retierment plan in whic people can annually invest money up to a certian amount.
300
Liabilities are...
What is amounts owed to others (debt). Some examples are credic card balances, car loans, and home morgage.
300
what is net income/take-home pay?
What is the amount of a paycheck after taxes and other payroll deductions
300
after budgeting, 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
what is estate planning?
What is involving the management of property during one's lifetine and the distribution of one's property at death.
400
what is a net worth?
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
what are cash outflows?
What is amounts spent on food, clothing and other living costs.
400
what is an allowance?
What is the amount of money planned to use for a certian budget category.
400
what is a surplus?
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 definithion for Owner's Equity is what?
What is another name for net worth
500
What is the kiplinger's personal finance and money?
What is help for developing a budget that comes from the government reports on the family spending habits.