IBT Money Management Test Review 2022

The M is SMART financial goals means measurable so you know the specific amount to save

When actual spending is greater than than planned spending

Amounts owed to others are? Debt may include credit card, bank loan, college loan, car loan

A charge imposed by a government to finance public services

Living costs involving differing amounts each time

Net worth is also referred to as; when you assets are greater than your liabilities

The T in SMART Financial Goals stands for:

A tax shelter retirement plan in which people can pay annually investment earnings; savings

Provide detailed plans for the financial needs of individuals, families, and businesses

List of business assets, liabilities, and owners equity for a specific date

The difference between personal assets and liabilities

This is the amount of money you plan to use for a certain budget category. Example: savings, food, clothing, transport

Items of value a person - business has; Including bank accounts, investments, jewelry, property

All are characteristics of a successful budget except for?