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POB: Chapter 16 Chapter 16 - Money Management and Financial Planning Flashcards | StudBud
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POB: Chapter 16 Chapter 16 - Money Management and Financial Planning
POB: Chapter 16 Chapter 16 - Money Management and Financial Planning
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Principles of Business, Chapter 16 Money Management and financial planning
Flashcards
22 cards
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Questions
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Answers
1
Items of value or worth are called
net worth
personal assets
liabilities
2
Money from wages, salary, commission, fees, tips, and bonuses
earned income
allowance
personal assets
taxable income
3
The difference between a person's assets and liabilities.
net worth
assets
liabilities
4
A series of regular payments made to a retired worker under an organized plan.
annuity
pension
IRA
taxable income
5
Management of property during one's lifetime and the distribution of one's property at death
estate planning
tax
investment income
6
A car loan, a mortgage and a credit card balance are examples of
liabilities
assets
net worth
cash flow
7
Summarizes current financial condition/needs; sets a direction for future financial activities
personal balance sheet
financial plan
cash flow statement
8
Tax-sheltered retirement plan in which people can annually invest earnings up to certain amount
Individual retirementaccount (IRA)
annuity
estate planning
9
The difference between actual spending and budgeted amounts is called a
tax deduction
taxable income
budget variance
tax credit
10
Living costs that differ each time and may not be easy to estimate.
variable expense
fixed expense
11
a financial situation in which actual spending is less than the budgeted amount.
surplus
deficit
12
A ______ provides detailed plans for the financial needs of individuals, families, and businesses.
allowance
budget
cash outflow
cash inflow
13
The amount of a paycheck after taxes and other payroll deductions; take-home pay.
gross income
net income
14
A charge imposed by a government to finance public services is called a
annuity
fixed expense
variable expense
tax
15
The amount of money you plan to use for a certain budget category is called
allowance
cash flow
budget
tax
16
The financial statement that reports net pay and other income along with spending is called a
cash flow statement
balance sheet
17
Financial activities associated with using limited income to satisfy unlimited needs and wants
estate planning
money management
allowance
financial plan
18
The amount on which taxes are calculated is called
investment income
taxable income
retirement income
earned income
19
Costs that occur on a regular basis and are for the same amount each time.
variable expense
fixed expense
20
A report that lists assets, liabilities, and owner's equity at a SPECIFIC POINT IN TIME is called
cash flow statement
balance sheet
21
An amount that reduces taxable income is called
tax credit
tax exemption
tax deduction
tax
22
Earnings from dividends, interest, and rent is called
taxable income
earned income
investment income
tax
