Financial Lit unit 1 review

_____ is all the money you have going out

______ is the process of forecasting future expenses and income 

Debts that are owned to others are called liabilities 

The S in smart represents 

______ = assets - liabilities 

The last step in developing a spending plan is to 

Something unnecessary but desired is a 

______ is the process of planning every aspect of your personal finances 

The paper or electronic document used to control your expenses & income is called 

The largest category in a recommended spending plan is

_____ include all the money you receive from sources 

Planning your spending, borrowing, and saving are all aspects of ______

A ______ expense remains the same period to period 

Take home pay is also called 

Items you might have that can be rapidly converted to cash without a risk of significant loss

Credit card debit is classified as an investment on the personal balance sheet 

How many months are recommended to be in an emergency savings account?

A _____ expense changes from one period to the next 

A(n) _____ is cash inflow 

Transportation expenses include 

Which of the following is considered a fixed expense? 

The 1st step in developing a spending plan is to make personalized income & expense categories 

______ are anything that you own 

Net worth = Assets + Liabilities 

A _____ is anything we spend money on 

Which of the following is NOT a financial goal?

One way to increase your net worth is to decrease your assets 

One type of control system is a 

Budgeting is the process of forecasting future expenses and income