2- Guided Notes-Financial Planning

Last updated 11 days ago

1 question

Instructions

By only focusing on the yellow highlighted areas, fill in the blanks with the correct words. Watch out for typos. 

Three main money management activities are 
_______ 
_______ 
_______ 

Personal Financial Statements
Personal financial statements tell you _______ 
Two documents you create yourself are the _______ and the _______ 
Main purpose of personal financial statements are to:
    1. _______ 
    2. _______ 
    3. _______ 
    4. _______ 

Balance Sheet
A balance sheet (i.e., _______  or statement of financial position) is a financial statement that reports what an individual or family _______. 

     _______  minus  _______  equals  _______ 

In other words, computing net worth
      _______ minus _______ equals _______ 

Individuals and families can increase their net worth by any one of the following:
_______ 
_______ 
_______ 
_______ 

Cash Flow Statement
Cash flow is the actual _______  and _______ of cash during a given time period
Cash flow statement (i.e., personal income and expenditure statement) summarizes cash _______ for a given period
A Plan for Effective Budgeting
A budget, or _______ , is necessary for successful financial planning
Budgeting will help you do the following:
_______ 
_______ 
_______ 
_______ 
_______ 
Budgeting is an _______ , and you will need to _______  your spending plan on a regular basis