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3. You use information from your income statement and your balance sheet to create your cash flow statement. The first step in creating a personal Balance Sheet is to determine your assets. This includes the items you own such as cash and real estate. After you list your assets and liabilities, you list the values of the assets and the balance of the liabilities and then total up both categories.

4. The cash flow statement's actions result in assets and liabilities that are displayed on the balance sheet. A personal balance sheet lists all of your assets and obligations and determines your net worth, whereas a personal cash flow statement tracks your financial inflows and expenditures.

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A cash flow statement is a type of financial statement that shows the total amount of money coming into and leaving a business.

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land and any structures that may be in it, second category of wealth

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Personal Balance Sheet - A financial statement that shows you what you owe and own

Net Worth - The difference between the amount you own and the debts that you owe

Assets - Items of value that you own (ex. real estate, personal possessions, cash, etc.)

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Deficit; the amount by which something, especially a sum of money, is too small.

Budget; A budget is a way to balance income, expenses and financial goals over a length a time

Budget variance; the difference between the budgeted amount of expense or revenue, and the actual cost.

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the amount that remains when use or need is satisfied.

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Money you gain from either your investments and/or a job.

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cash and items which can be quickly converted to cash

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Money that comes in and out of your pocket.

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A sheet that shows your overall wealth at a certain moment in time by displaying your assets minus your liabilities to show you your total net worth.

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Market Value: The amount recorded on the real estates portion of your balance sheet is the properties market value

Liabilities: The debts you owe

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property that has money or exchange value

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Not being able to pay a debt.

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a document that gives information about a person's current financial status and includes a summary of income and spending

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Austin T. - 2) Describe what items are in a personal budget.

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Austin T. - 2) Describe what items are in a personal budget.

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2) Necessities like food, hygiene products, and transportation costs, bills like heat, water, or electricity, debts like loans and mortgages, nonessentials such as entertainment and (some) clothing, and portions allotted to savings.

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a small, secure storage compartment you can rent in bank to store important financial documents

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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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3. An effective system for maintaining personal financial documents is to keep these documents such as pay stubs and bank statements in one central location and organized in a place like a home filing system and put into different categories like checking account statements and utility bills, etc. Some other effective systems include a safe-deposit box or a home computer.

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1) What are the steps for developing a personal budget?

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1) What are the steps for developing a personal budget?

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Set your financial goals

Estimate your income

Budget for unexpected expenses

Budget for fixed expenses

Budget for variable expenses

Record what you spend.

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the day-to-day financial activities necessary to get the most from your money

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Question 1) Why is is important to keep and maintain financial records and documents?

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Question 1) Why is is important to keep and maintain financial records and documents?

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Its important to keep financial records since it will ensure that you will have a good record to prepare accurate financial statements. Some records include your income (profit and loss) statements and balance sheets. They can help you in dealing with your bank or creditors and help you manage your business (manage your businesses health on its wealth)

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3)What are the advantages of increasing your savings? Shresh B

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3)What are the advantages of increasing your savings? Shresh B

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For one it gives you money for when life throws uncertainties and another advantage will help you reach your financial goal. Also the money saved earns interest income.

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4) Assets - Explain why it is sometimes difficult for people to increase their savings. How will increasing the amount you put in savings affect your budget? 

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4) Assets - Explain why it is sometimes difficult for people to increase their savings. How will increasing the amount you put in savings affect your budget? 

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Many people don't understand how to save or budget their money, which causes them to spend more than they earn. If you increase your savings you may need to adjust spending in another area such as your variable expenses. By putting more money into savings, you will have more money later in life to spend.

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Compare and Contrast maintaining financial records and opportunity costs.

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Compare and Contrast maintaining financial records and opportunity costs.

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4) Maintaining financial records and opportunity costs are similar in that your financial records show you the effects of your choices made and can help you decide whether or not to change your ways. They are different in that the financial record is just keeping track of your situation while opportunity costs keep track of the decisions you are making, not specifically how they are affecting you.

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How are opportunity costs or trade offs and money management related?

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How are opportunity costs or trade offs and money management related?

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1) When you manage your spending and saving, you have to sacrifice certain things which costs you the loss of an opportunity if you did spend your money on something or saved more of it overtime.