Final Review - Income and expense statements - Fair Market...

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Income and expense statements - Fair Market Value- what any buyer will give any given seller on any given day - Examples of fixed expenses - Child care - Mortgage payment - Car Payment - Rent - Disposable income- Money earned after taxes - Discretionary income- money left over after necessities of living are covered Balance sheet or net worth statement Liquid Assets- cash, money owed to you Tangible assets- contributes to particular quality of life: car, television Investment assets- provides additional income (acquired for monetary benefits) Short term liability- paid off in less than 1 year Budget Importance of a goal for success- demands you take a realistic look at your future and amounts needed to reach your established goals Well-stated goal- provides a time frame, dollar amount and a purpose Consumer expenditure survey- monitors consumer purchases CPI = Consumer Price Index Market basket of goods and services from CES Measure changes in prices and therefore inflation Credit
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This note was uploaded on 03/29/2008 for the course FCE 238 taught by Professor Boyce during the Fall '07 term at Michigan State University.

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Final Review - Income and expense statements - Fair Market...

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