Solution manual and test bank MOney management skills (2)

Name Cha pt er 2: M on ey M a n a gem en t Sk i lls L O N G T M O 14 D E F I C 17 L I T A S S E T S A 11 F C A S H E A 12 D I S C R E E H P F O L S O I W T A B I L I T I O X B U D G E T V A R I A N C U R R E R M L I A B I L I T I E N N E Y M A N A G E M E N T L I L I Q U I D A B I T L A 10 I K F L O W S T A T E M E N T I H T I O N A R Y I N C O M E 13 S M E P 15 A N 16 I N S O L V E N C Y T W E S O R 18 B U D G E T H Across The difference between the amount budgeted and the actual amount received or spent Debts you not have to pay in full until more than a year from now Day-to-day financial activities necessary to manage current personal economic resources while working toward long-term financial security Cash and items of value that can easily be converted to cash Cash and other property with a monetary value 10 Inflows of cash to an individual or a household 11 A summary of cash receipts and payments for a given period 12 Money left over after paying for housing, food, and other necessities 13 The amount by which actual spending is less than planned spending 16 The inability to pay debts when they are due because liabilities far exceed the value of assets 17 Amounts owed to others 18 A specific plan for spending income E B A L A N S C E S H S S E T S E T N C O M E U R P L U S Down Debts you must pay within a short period of time, usually less than a year Reports what you own and what you owe Earnings after deductions for taxes and other items; also called disposable income A private storage area at a financial institution with maximum security for valuables 11 The actual inflow and outflow of cash during a given time period 14 The amount by which actual spending exceeds planned spending 15 The difference between total assets and total liabilities