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Chapter 5 - Money Management Strategy Flashcards | StudBud
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Chapter 5 - Money Management Strategy
Chapter 5 - Money Management Strategy
10 terms
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StudBud Administration
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Glencoe/MGraw-Hill chapter 5
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Overall, the debts that you owe are called
loans
liabilities
credit
expenses
2
An organized financial system can do all of these things for you but one
Pay your bills on time
Determine financial status
Plan for the future
Allow you to spend more
3
One example of discretionary spending is
videos
medication
transportation
groceries
4
The money left over after essentials are paid for is
discretionary income
extra spending
liquid asset
net worth
5
Financial activities for money management should be done
yearly
monthly
day to day
weekly
6
All of these are examples of a personal financial document but
Birth Certificate
Stock newsletter
Tax Forms
Pay stubs
7
An example of a current liability is
car loan
mortgage
taxes
student loan
8
Which component is not on a personal balance sheet
net worth
liabilities
assets
owner's equity
9
A good budget has all of the these characteristics except
inaccessibility
careful planning
flexibility
practicality
10
You can increase your net worth when you
borrow money to pay a deficit
pay off previous debts
withdraw money from your savings
spend more than you earn