Chapter 16 Review INTRO TO BUSINESS

Question 1

Money you have available to spend as a result of working or from other income

Accepted Answer

Cash inflows

Question 2

Amounts owed to others

Accepted Answer

Liabilities

Question 3

Amounts spent for food, clothing, transportation, and other living costs

Accepted Answer

Cash outflows

Question 4

Fixed expenses: living costs that differ each time and may not be as easy to estimate.

Accepted Answer

False

Question 5

Amount of money you plan to use for a certain budget category

Accepted Answer

Allowance

Question 6

Money in bank accounts, investments, furniture, clothing, etc.

Accepted Answer

Personal assets

Question 7

Involves the accumulation and management of property during one's lifetime

Accepted Answer

Estate panning

Question 8

Day-to-day financial activities→using limited income to satisfy your unlimited needs and wants

Accepted Answer

Money management

Question 9

Net worth: difference between a person's assets and liabilities

Accepted Answer

True

Question 10

Allows you to meet your personal goals with a system of saving and wise spending

Accepted Answer

Budget

Questions 10