Personal Finance Ch 3

Market value is the price at which a property could be sold.

An example of a current liability is __________.

A telephone bill is a liability.

Liabilities are the debts you owe.

One use of discretionary funds is spending on _______.

A home fire safe-box is a good way to protect an important document from theft.

Take-home pay is the same as your salary.

The first step in planning a budget is __________.

Extra money that can be spent or saved.

The title to your car is an example of a personal financial document.

A situation that occurs if a person spends more than he or she receives.

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

The method of planning how to get the most from your money.

A deficit is when more money is spent than is earned or received.

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

A cash flow statement gives you important information on you __________.

Your net worth goes up when you __________.

A good budget has all of the following EXCEPT __________.

A disadvantage of using a safe-deposit box for keeping financial documents is that it ________.

An example of a liquid asset is a __________.

Paycheck deductions for retirement is a savings option most employers offer.

Money you earn and money you spend is your cash flow.

Your electric bill is an example of a variable expense.

Which one of these is NOT a function of the Federal Reserve?

Documents that provide info about your current financial position and summarize your cash flow.