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Chapter 2 Flashcards | StudBud
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Chapter 2
Chapter 2
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StudBud Administration
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Money Management Skills
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Money management: day-to-day financial activities to manage...
economic resources & work toward financial security.
your time to reduce negative opportunity costs.
cash inflows and liabilities to be debt free.
2
Assets-liabilities =
Net Worth
Cash
Available credit
Cash outflows
3
A budget system with envelopes, folders, or containers to hold money/slips of paper is called a
Digital
Physical
Written
Mental
4
When creating a budget, numbers in the budget are estimates.
True
Only at the beginning of the year.
False
5
Financial experts recommend monthly savings of ____ of gross income.
3 months of expenses
$100 a month
50-60%
5-10%
6
Rebecca Wilson budgeted $395 for a desk. She actually spent $425. What is her budget variance?
$30 liability
$30 deficit
$30 adjustment
$30 Surplus
7
An organized system of financial records provides a basis for reducing credit card usage.
True
False
If you're married
8
The current financial position of an individual or family is best presented with the use of a
Balance sheet
Cash flows statement
Statement of owner's equity
Portfolio
9
Copies of tax returns and supporting data should be saved for
5 years
6-10 years
15 years
Forever
10
Disposable income equals
The amount a person has to spend. (Take home pay)
Monthly savings
Gross income
Amount deducted from gross pay
