Personal Finance: An Overview

A set cost that must be paid each budgeted period.

Income can be from:

Spending plan made for a specific period of time.

Each stage of the family life cycle comes with the same financial expenses.

A written record of a person's current financial situation.

A cost that varies in both the amount and the time it must be paid.

Summary of income and expenses paid during a specific period.

The difference between what a person owns and what he owes.

Summary of amount of money received and money spent over a specific period.

An abundance of assets accumulated over time.

Which of the following is not a stage in the family life cycle.

A good savings program and adequate insurance is the basis for financial security.

Process of setting up an organized system for finances.

Refers to the statistical characteristics of a population.

Online personal finance software can be very helpful in money management.

Which of the following is not a financial concern during the beginning stage?

The understanding of basic knowledge and skills needed to manage finances.

Two of the greatest expenses during the aging stage.

Two long-term financial responsibilities could be;

Which of the following is not a characteristic of the aging stage.

The last step in setting up a budget is:

Giving money, goods, or services for the good of others.

Examples of fixed expenses are: