Chapter 5: Money Management Strategy

Take-home pay is equal to your salary.

The price at which you could sell property.

The difference between the amount you own and the debts that you owe.

Earn or receive more than you spend.

Anything of value that a person owns.

The money your receive.

Are cash items that can be quickly converted into cash.

Plan for using your money in away that best meets your wants and needs.

Spend more than you earn or receive.

A small, secure storage compartment that you rent in a bank.

The money that goes in and out of your wallet and bank account.

You should include bonuses you might get at work when you estimate your income.

Income of $500 and $146 fixed and variable expenses, surplus or deficit?

Creating a personal balance sheet is a good way to determine your assets and liabilities.

Land that a person owns and anything on it, such as a house.

The difference between the budgeted amount and the actual amount that you spend. 

Debts that you owe.

Financial transactions and documents can be saved on a password-protected computer.

The condition that occurs if your liabilities are greater than your assets.

The money left over after you have paid for the essentials.

If Jelly has $400 in assets and $850 in liabilities, what is his net worth?

Planning how to get the most from your money is:

A net worth or a ___statement, lists items of value you own, debts you owe, and your net worth.

Measure of the changes in prices for commonly purchased goods and services in the US.

Is the amount left after taxes and other deductions.