F23 P1 Money Mgmt by Dawn Piper https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z en-us 2023-11-01 12:36:17 UTC 2023-11-01 13:27:34 UTC hello@padlet.com net worth https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772221704 net worth is how much a person owns (their assets) minus what they owe to others (liabilities)

]]> 2023-11-01 13:11:11 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772221704 assets https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772222894 assets are anything a person has that can be useful or have value

]]> 2023-11-01 13:12:08 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772222894 Cash Flow https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772223017 Cash flow is the movement of cash in and out of your bank account and wallet

]]> 2023-11-01 13:12:14 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772223017 wealth https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772223707 wealth is a great amount of money or possessions a person has.

]]> 2023-11-01 13:12:37 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772223707 Income https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772224554 Income is the money you work for

]]> 2023-11-01 13:13:12 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772224554 Surplus https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772225304 Extra money you can spend or save

]]> 2023-11-01 13:13:45 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772225304 what is a cash flow statement? https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772225336 A cash flow statement provides data regarding all cash inflows that a company receives from its ongoing operations and external investment sources.

]]> 2023-11-01 13:13:47 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772225336 liquid assets https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772225351 liquid asset is a asset that can easily be converted into cash within a short amount of time.


]]> 2023-11-01 13:13:48 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772225351 What is a personal balance sheet? https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772226996 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.

]]> 2023-11-01 13:14:56 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772226996 Take Home Pay https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772227151 Take home pay is the amount of money left after taxes and other deductions are subtracted from your gross pay

]]> 2023-11-01 13:15:02 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772227151 How is a cash flow statement created and how is a personal balance sheet created? https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772227498 Both are created in a spreadsheet consisting of assets. A cash flow has assets and a balance sheet has net worth

]]> 2023-11-01 13:15:16 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772227498 Compare and contrast How are the roles of maintaining financial records and managing opportunity costs in a sound financial plan similar and different? https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772227711 - 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.

]]> 2023-11-01 13:15:25 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772227711 What are the steps for developing a personal budget? https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772227863 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

]]> 2023-11-01 13:15:33 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772227863 What are Advantages of Increasing your Savings? S3-Q3 https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772228305 Gives support in emergencies - Major life events that occur in the future - limit's your debt - helps you prepare for retirement

]]> 2023-11-01 13:15:49 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772228305 Deficit https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772228424 means you spent more than you recieved



]]> 2023-11-01 13:15:54 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772228424 Discretionary Income https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772228757 Discretionary income the money you have left after paying for your essentials

]]> 2023-11-01 13:16:10 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772228757 Explain why it is difficult for people to increase their savings. How will it affect your budget? https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772229088 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.

]]> 2023-11-01 13:16:27 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772229088 Budget https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772230346 Its a plan for spending or and investing your money to meet your needs and wants

]]> 2023-11-01 13:17:17 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772230346 Describe what items are included in a personal budget? https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772231749 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

]]> 2023-11-01 13:18:14 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772231749 S1 Questions 1 & 2 trevordour https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772232110

  • 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.


    1. 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

    ]]>     2023-11-01 13:18:31 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772232110     real estate https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772232251 real estate is land and any structures that are on it.

    ]]>     2023-11-01 13:18:37 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772232251     What is an effective system for maintaining personal financial documents? https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772232377

  • 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.

    • ]]>     2023-11-01 13:18:44 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772232377     market value https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772233736 market value is the amount of money at which a property would sell.

    ]]>     2023-11-01 13:19:44 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772233736     liabilities https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772234267 liabilities are the debts you owe

    ]]>     2023-11-01 13:20:08 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772234267     insolvency https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772234966 insolvency is the inability to pay debts when they are due.

    ]]>     2023-11-01 13:20:31 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772234966     Budget variance https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772235446 the difference between the budgeted amount of expense, and the actual cost

    ]]>     2023-11-01 13:20:52 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772235446     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? https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772237994 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.

    ]]>     2023-11-01 13:22:49 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772237994     Vocab https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772239271 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.



    ]]>     2023-11-01 13:23:47 UTC https://padlet.com/dpiper4/tjpvlwlaa4fxyh6z/wish/2772239271