Financial Literacy Review

Front

What is the amount of money you have to spend?

Back

Cash Inflow

Front

What is the amount of money that is spent on various living expenses called?

Back

Cash Outflow

Front

Take-Home Pay is another name for what?

Back

Net Pay

Front

What is the Net Worth equation?

Back

Assets - Liabilities = Net Worth

Front

Calculate the Net Worth:
Assets = $57,200
Liabilities = $27,000

Back

$30,200

Front

Which of the following is NOT a main purpose of a budget: To make sure you are living within your income, Achieve financial goals, Plan for financial emergencies, Keep you from buying the things you want?

Back

Keep you from buying the things you want

Front

Which expenses occur on a regular basis for the same amount each time?

Back

Fixed

Front

Which expense differs each time and may not be easy to estimate?

Back

Variable

Front

This budget format requires each dollar to have a place in your budget (every dollar that goes in, goes out)

Back

Zero-Based

Front

What is it called when your planned spending is GREATER THAN your actual spending?

Back

Budget Surplus