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Lesson 11 - Money Management & Financial Planning
Terms in this set (31)
The amount of money you plan to use for a certain budge category.
A report that lists assets and liabilities at a specific point in time.
Detailed plans for the financial needs of individuals, families, and businesses.
Any difference between actual spending and budget amounts.
Cash Flow Statement
A financial statement that reports net wages and other income along with spending for a period of time.
The money you have available to spend as a result of working or from other income.
Your expenditures including amounts spent for food, clothing, transportation, and other living costs.
A financial situation in which actual spending is greater than planned spending.
A tax deduction for the financial needs of individuals, families, and businesses.
Costs that occur on a regular basis and are for the same amount each time.
Individual Retirement Account (IRA)
A tax-sheltered plan in which people can annually invest earnings.
Amounts owed to others; debts.
The difference between a person's assets and liabilities.
A series of regular payments made to a retired worker under an organized plan.
Items of value.
A financial situation in which actual spending is less than the budgeted amount.
A charge imposed by a government to finance public services.
Income that will be taxed at a later date.
Income not subject to tax.
Living costs that differ each time and may no be as easy to estimate.
4 Steps of the Budget Process:
1) Set financial goals
2) Plan Budget categories
3) Maintain financial records
4) Evaluate your budget
On a family budget, the savings category is listed as a(n)
The amount of Social Security benefits a retiree receives each month depends on
how much the retiree earned while employed
An example of a fixed expense
Mortgage, or rent payment
On a balance sheet: the value of your home is listed as a _______________, while the amount you still owe on your home is listed as a ____________________________.
An excise tax is a type of tax on
An estate tax is paid
when a person dies
Suppose you are preparing your federal income tax return for the year 2017. What is the deadline for filing this return?
April 15, 2018
Married people pay a lower income tax than single people (True or False)
Utilities are an example of a fixed or variable expense?
The more exemptions you claim the _______________ tax is witheld from your check each pay, but you may end up paying taxes each year.
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