| Question | Answer |
| What is money management? | Day-to-day financial activities
|
Components of money management? | Storing and maintaining personal financial records and documents, Creating a balance sheet, Creating and implementing a plan for spending and saving, Creating a cash flow statement
| Which of the following documents would most likely be stored in a safe deposit box or fireproof home safe? Personal financial statements, Warranties, Marriage certificates, or Bank Statements | marriage certificate
| How long should you keep documents relating to investments? | As long as you own them
| How long should you keep your most current will? | forever or permanently
| The current financial position of an individual or family is best presented with the use of a? | balance sheet
| Items with monetary value are referred to as? | assets
| The amount you would have left if all assets were sold and all debts were paid in full is called your? | net worth
| The equation to calculate net worth is? | Assets - Liabilities = Net worth
| The inability to pay debts when they are due because liabilities far exceed the value of assets is called? | insolvency
| Financial experts recommend monthly savings of ____ of gross income.? | 5-10%
| The money left over after paying for housing, food, and other necessities is called? | discretionary income
| Take-home pay is also called? | net pay
| The document that would tell you what you received and spent over the past month is the? | cash flow statement
| The document that would be most useful to plan spending and saving to achieve financial goals is the? | budget
| The number of personal financial records a household has to organize may seem overwhelming. How long should you keep copies of your tax returns? | 7 years |
