Chapter 2
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Definite financial obligations are referred to as
Fixed expenses
A(n) ____________ is a plan for spending
Budget
Assets represent amounts owed to others that must be paid within the next year.
F
Most financial records should be kept in a safe-deposit box
F
A personal cash flow statement presents
Income (inflow) and payments (outflow)
An example of a liquid asset would be
A checking account
__________ represents amounts owed to others
Liabilities (owe)
A budget deficit exists when actual spending exceeds projected spending.
T
A personal balance sheet reports the financial position of a person or family on a given date
T
Spending less than your income will increase net worth
T
