Exam 3: Financial Statements,tools,and Budgets

The process of recording the sources and amounts of dollars earned and spent is called

It is not necessary that your values be consistent with your financial and lifestyle goals.

Pre-established plans of action to be implemented in specific circumstances are called

The first step in the budgeting process is

The basis for financial planning is (are)

A budgeting device on which annual estimated income and expenses are recorded for each month in an effort to look at surplus or deficit situations is called a

Values are

Financial planning begins by examining one's values.

Julie and Alex have compiled their financial records and would like to know if they are living within their level of income.What is their surplus? ​

For most people,the only way to increase net worth is to spend less than their income; people must save and invest.

Which of the following provides information about a person's financial condition at a specific point in time?

Partners should keep their employee benefits separate.

The formula for calculating surplus (loss) is

Which of the following is (are) characteristic of a safe-deposit box?

Using credit cards to "balance" your budget is a proper budgeting tool.

The concept of "pay myself first," saving and investing before you pay other expenses,is a characteristic of successful financial managers.

A budget variance is the difference between one's actual expenditure with budgeted amount for a specific category.

A cash-flow statement for a previous year would show whether you were able to live within your income.

Which of the following is a characteristic of a cash-flow statement?

Discretionary income is used to pay for things like