EPF Chp 2 Budgets

You should declare bankruptcy immediately when a family financial crisis occurs

Discretionary expenses should be paid before any other expenses

The birth/adoption of the first child, we enter the ____________stage of the family life cycle.

An expense can be

It is easy to overestimate income and expenses.

Financial plans and budgets may change when you

Keep these in an organized system of a spending record

Individuals born between 1982 and 2000 are known as Generation X.

Females lead most single-parent families

Chores & guests are not part of a roommate agreement.

A set amount that must be paid each budget period.

A summary of income & expenses

Giving money, goods, or services to help meet the needs of others either to a charity or to an individual

A budget can be weekly, biweekly, or monthly

An item of value that you own

Chores and guests are NOT part of a roommate agreement.

A plan for the use of money over time based on goals, expenses, and expected income.

Wealthy individuals have assets far in excess of their liabilities

A(n) ______________________________ net worth means you own more than you owe.

Current assets are known as ___________ because they can be converted to cash quickly & easily

A current or future financial obligation

Spending patterns change with each stage in the family life cycle

Some people keep important legal documents in a(n) _________ at a financial institution.

You should always take steps to insure your computer & online connections are secure

When you are short of cash, ___________ expenses can be reduced easier than other expenses.

Before you give to a charity you should research it & see how your money is used.

The stages each family experiences in the family life cycle are identical

The difference between what you own and what you owe.

In a cash flow statement, expenses are called

Well-thought-out goals do not help you when directing your dollars.

Money management software enables you to enter income, expenses, and goals

Medical bills, credit cards, and charge accounts are examples of

Experts advise evaluating your total financial situation at least annually

Formal retirement occurs during the _________________________ stage of the family life cycle.

An emergency fund should equal 12–24 months income.

With a web-based service, your information is stored on a(n) _____ rather than on your computer

Before making a donation, you should consider

The stages a family passes through over its lifetime.

A(n) ____________________is an organization that aids those in need, such as the homeless.

An expense can be ______________or _______________ based on the amount & time it must be paid.

The sandwich generation refers to parents with infants and college-bound teens

The family life cycle includes ___________, childless couples, single parent, & divorced adults.

Any form of money received.

A paper that can be filed with a court officer or used to uphold an agreement in a court of law

Preventive measures in a financial crisis means you should have _______________.

The value of assets does not change over time

The process of setting up an organized system for financial and legal documents.

Investments, bonds, stocks, and retirement funds are examples of what kind of assets

Financial goals change over time

If your net worth is negative, try to increase your liabilities

To keep money for major purchases, it is a good idea to include __________ in your budget.

A record of an individual’s current financial situation

Financial security is the ultimate goal of managing your finances.