CM Chapter 1 Review (Ramsey Material)

Front

Personal finance is...

Back

20% head knowledge, 80% behavior

Front

Your net worth is your assets minus your ___________

Back

liabilities

Front

Who is responsible for your finances?

Back

You are responsible for your finances

Front

Knowing how earning, budgeting, saving, spending and giving affect your money is involved in...

Back

managing your money

Front

According to Ramsey, you should always have a _________.

Back

budget

Front

What is a budget?

Back

A plan for managing income and expenses.

Front

What are assets?

Back

Resources owned that have economic value.

Front

What are liabilities?

Back

Obligations or debts owed to others.

Front

What is net worth?

Back

The difference between total assets and total liabilities.

Front

Why is personal finance important?

Back

It helps individuals make informed decisions about their money.