Fin Lit Budgets

What is a liability

Which of the following is a variable expense?

Only people with considerable wealth need to create a personal record keeping system.

In a balanced budget,

A fixed expense would be

Which of the following would be considered an asset?

A set of goals for spending, saving, and investing the money you receive is called a budget

What is an asset?

the process of setting money aside to increase wealth over time and accumulate funds for long-term financial goals

nonessential

In a net worth statement, if you have more liabilities than you do assets it means

Essentials, basics of life you need to have to, food, clothing, shelter

A computer program that organizes data in columns & rows & can add/subtract the data is called

It is a good idea to keep track of your income & expenses for a few months b/4 making a budget

Money spent or costs that usually change every month based on consumption

When preparing a budget, you need to focus mostly on your

The two elements to consider in budgeting and planning are your income and your expenses

One advantage of computerized record keeping is that information can be updated quickly &easily