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Chapter 3 Money Management Strategy Flashcards | StudBud
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Chapter 3 Money Management Strategy
Chapter 3 Money Management Strategy
20 terms
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StudBud Administration
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Personal Finance 101
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is a Consumer Price Index (CPI)?
Planning how to get the most from your money.
A plan for using money that best meets wants & needs
Measure of changes in prices for often bought goods&services
2
What is a budget?
Planning how to get the most from your money.
Measure of changes in prices for often bought goods&services
A plan for using money that best meets wants & needs
3
What are personal finance statements?
statement that lists items owned, debts owed, & net worth
Documents w/ info about your income & spending
4
What is net worth?
The difference between the amount you own and debts you owe
The price at which you could sell the property.
The money that goes in & out of your wallet and bank account
5
What are liabilities?
The money you receive.
Debts that you owe.
The money that goes in & out of your wallet & bank accounts.
6
What is cash flow?
Amount of income left after taxes is taken out of gross pay
The money that goes in & out of your wallet & bank accounts.
Extra money that can be spent or saved
7
What is a deficit?
Extra money that can be spent or saved
Situation that occurs if more is spent than earned/received
8
What is a budget variance?
Condition that occurs if liabilities are greater than assets
The difference between budgeted amount & actual amount spent
The difference between the amount you own & debts you owe.
9
What is take-home pay?
The money left after you have paid for your essentials
Amount of income left after taxes is taken out of gross pay
Cash and items that can be quickly converted to cash.
10
What is a safe-deposit box?
a secure storage unit rented in a bank to put imp. documents
Land that a person owns & anything on it (house, building)
11
What is insolvency?
Condition that occurs if liabilities are greater than assets
Situation that occurs if more is spent than earned/received
12
What is a surplus?
Extra money that can be spent or saved
Situation that occurs if more is spent than earned/received
13
What is market value?
The price at which you could sell the property.
The difference between budgeted amount & actual amount spent
14
What is income?
The money you receive
Debts you owe
Cash and items that can be quickly converted to cash
15
What is discretionary income?
The price at which you could sell the property.
liabilities greater than your assets
The money left after you have paid for your essentials
16
What are liquid assets?
Cash and items that can be quickly converted to cash.
The money you receive
Valuables you own (cash, property, possessions, investments)
17
What is real estate?
Valuables you own (cash, property, possessions, investments)
Land that a person owns & anything on it (house, building)
18
What is a balance sheet?
A document w/ info about your income & spending
A statement that lists items owned, debts owed, & net worth
19
What are assets?
Valuables you own (cash, property, possessions, investments)
The money that goes in & out of your wallet and bank account
Extra money that can be spent or saved,
20
What is money management?
The situation that occurs if you spend more than received
planning on how to get the most from your money
thinking about values, goals, and state of bank account
