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Money Management - Strategies and techniques that ensures that your money is equally distributed.

Safe Deposit box - a strong room or safe that can hold valuables.

Personnel Financial sheet - A list that show multiple financial statements

Personal balance sheet - A list that shows your assets and liabilities to show what your net worth is.

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Question 4: How are a personal balance sheet and cash flow statements similar? How are they different? What role does each play in the development of a personal finance plan?

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Question 4: How are a personal balance sheet and cash flow statements similar? How are they different? What role does each play in the development of a personal finance plan?

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They are different because a cash flow statements monitors your inflows and outflows, whereas a personal balance sheet keeps track of your assets and liabilities to help you know your net worth. Cash flow statement is for determining if your cash flow is positive or negative, while your personal balance sheet determines exact financial worth. They are similar because they both help you keep tabs on your monetary position and inform you on your spending. They help develop your personal financial plan because they tell you what changes you need to make in spending, how stable of a position you are in, and give you the knowledge necessary for creating your own personal finance plan that caters to your needs.

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the difference between the budgeted amount of expense, and the actual cost

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insolvency is the inability to pay debts when they are due.

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liabilities are the debts you owe

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market value is the amount of money at which a property would sell.

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What is an effective system for maintaining personal financial documents?

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What is an effective system for maintaining personal financial documents?

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An effective system for maintaining personal financial records is a home filing cabinet that is divided into different sections, which may include things related to your cars, things related to house, investments, liabilities, etc.

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real estate is land and any structures that are on it.

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1. How are opportunity costs, or trade-offs and money management related?

Opportunity costs are the complete cost of picking one thing over another. This relates to money management because we can make decisions that allow us to achieve our financial goals easier.

2. Why is it important to keep and maintain financial documents and records?

It is important to hold onto important financial information so you can accurately do your taxes and know how much you spend and save so you can make a financial plan to reach your financial goals

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Describe what items are included in a personal budget?

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Describe what items are included in a personal budget?

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A personal budget must include many things in order to be accurate and efficient regarding your financial goals. It can include different variable/ fixed expenses such as

Transportation.

Food.

Utilities.

Clothing.

Medical/Healthcare.

Insurance.

Housing

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Its a plan for spending or and investing your money to meet your needs and wants

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Explain why it is difficult for people to increase their savings. How will it affect your budget?

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Explain why it is difficult for people to increase their savings. How will it affect your budget?

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It can be difficult for people to increase their saving because in order to increase your savings, you must not spend as much as money on something else, like clothes or food. You have to stop spending as much on your wants and put more money in your savings if you want to save up money efficiently.

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Discretionary income the money you have left after paying for your essentials

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means you spent more than you recieved

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What are Advantages of Increasing your Savings? S3-Q3

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What are Advantages of Increasing your Savings? S3-Q3

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Gives support in emergencies - Major life events that occur in the future - limit's your debt - helps you prepare for retirement

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Compare and contrast How are the roles of maintaining financial records and managing opportunity costs in a sound financial plan similar and different?               

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Compare and contrast How are the roles of maintaining financial records and managing opportunity costs in a sound financial plan similar and different?               

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- By keeping your financial records up to date, you can make prudent financial decisions, stay organized, protect against risks or losses, look for opportunities, and win the trust of investors and customers.

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What are the steps for developing a personal budget?

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What are the steps for developing a personal budget?

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Step one, set and choose your financial goals. Step two, estimate your income. Step 3, Budget for unexpected expenses, and record for what you spend

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How is a cash flow statement created and how is a personal balance sheet created?

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How is a cash flow statement created and how is a personal balance sheet created?

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Both are created in a spreadsheet consisting of assets. A cash flow has assets and a balance sheet has net worth

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A personal balance sheet provides a high-level picture of your money at a given point in time. It is a list of your goods, obligations, and net worth, which is the sum of your assets minus your liabilities.

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Take home pay is the amount of money left after taxes and other deductions are subtracted from your gross pay

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liquid asset is a asset that can easily be converted into cash within a short amount of time.

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A cash flow statement provides data regarding all cash inflows that a company receives from its ongoing operations and external investment sources.

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Extra money you can spend or save

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Income is the money you work for

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wealth is a great amount of money or possessions a person has.

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Cash flow is the movement of cash in and out of your bank account and wallet

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assets are anything a person has that can be useful or have value

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net worth is how much a person owns (their assets) minus what they owe to others (liabilities)