Chpt 3 Money Management Essential Questions:–Why do you need to keep financial and important documents?–How are financial records and documents organized and stored?–How do you create a budget and why is it important? •Remember you are responsible for answering one of these essential questions at the end of this unit as another assessment.2
Chpt 3 Money Management What you Need to Know:•Key Terms (16 words)–Money management –safe deposit box –personal financial statement –personal balance sheet –net worth –assets –wealth –liabilities –insolvency –cash flow - income –take home pay –discretionary income –surplus –deficit –budget •What you need to Do and Be Skilled at:–Explain the system & benefits of keeping financial records & documents.–Construct a plan to accumulate emergency funds.–Create a personal balance sheet and cash flow statement to describe your net worth.–Create and analyze a personal budget based on needs, age & resources.3
Chpt 3 Money Management •What you need to understand:–Money management involves setting, developing and maintaining financial budgets and goals.–Money management requires understanding of various cash flow systems and calculations. –Organizing your personal financial records can help you make informed decisions about your spending.