Managing Your Money Vocab Review

Question 1

The portion of current income not spent on consumption

Accepted Answer

Savings

Question 2

assets – liabilities = ___________________

Accepted Answer

net worth

Question 3

Track Current Income and Expenses is which step of the spending plan process

Accepted Answer

step 1

Question 4

Personal property that was purchased to improve your life such as homes and automobiles

Accepted Answer

tangible assets

Question 5

A statement which records both planned and actual income and expenses over a period of time

Accepted Answer

spending plan

Question 6

Everything a person owns with monetary value

Accepted Answer

asset

Question 7

A product that transfers risk from an individual to an insurance company or organization

Accepted Answer

insurance

Question 8

Income – Expenses = ___________________

Accepted Answer

net gain or net loss

Question 9

Assets that can be quickly & easily converted to cash

Accepted Answer

monetary assets

Question 10

What is owed to others

Accepted Answer

liability

Question 11

How have I managed my money in the past? is answered by a:

Accepted Answer

income & expense report

Question 12

Evaluate and Make Adjustments is which step of the spending plan process

Accepted Answer

step 5

Question 13

"Increase income, decrease expenses, or do a combination of both" what to do if...

Accepted Answer

You have a net loss

Question 14

What is my financial position today? is answered by a:

Accepted Answer

statement of financial position

Question 15

Assets purchased with the hope that they will generate income and appreciate in value

Accepted Answer

investment assets

Question 16

An individual’s income earned as salary or wages before taxes and other deductions

Accepted Answer

gross income

Question 17

Income is:

Accepted Answer

money received

Question 18

What is my future money management plan? is answered by a:

Accepted Answer

spending plan

Questions 18