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


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