MM Ch 4

Front

Money or other items of value that are used to acquire goods and services

Back

Financial Resources

Front

All of the following are needs except: Water, Medical Care, Car, Food

Back

Car

Front

When cash outflow exceeds cash inflow you have a

Back

net loss

Front

True or False: Your wealth can be measured by a personal cash flow statement.

Back

False

Front

True or False: Savings should be included in your list of cash inflows when creating the personal cash flow statement.

Back

False

Front

True or False: With every buying decision, there is a tradeoff and an opportunity cost

Back

True

Front

True or False: If you spend less money on an item than you had planned to spend, this is an unfavorable variance in your budget analysis.

Back

False

Front

True or False: Financial goals should be set before personal goals, because your personal goals will be dependent upon them.

Back

False

Front

True or False: A goal you expect to achieve by next year would be classified as a short-term goal.

Back

True

Front

True or False: One advantage of manual records of financial information is that they do not require protection from unauthorized users and uses.

Back

False