The title to your car is an example of a personal financial document.

Real estate is an example of a liquid asset.

A telephone bill is a long-term liability.

Insolvency happens when the total of your liabilities is greater than your assets.

Take-home pay is equal to your salary.

The total of your fixed and variable expenses is your cash flow.

Financial transactions and documents can be saved on a password-protected computer.

You should include bonuses you might get at work when you estimate your income.

A deficit is when more money is spent than is earned or received.

Creating a personal balance sheet is a good way to determine your assets and liabilities.

A disadvantage of using a safe-deposit box for keeping financial documents is that it ____.

An example of a liquid asset is a ____.

An example of a current liability is ____.

A cash flow statement gives you important feedback on your ____.

One use of discretionary income is spending on ____.

An example of a variable expense is ____.

Your net worth goes up when you ____.

The first step in planning a budget is ____.

A good budget has all the following characteristics EXCEPT ____.

A savings option many employers offer is ____.

Definition: the price at which a property could be sold

Definition: documents that provide information about your current financial position and present a summary of your income and spending

Definition: a small, secure storage compartment that can be rented in a bank

Definition: a situation that occurs if a person spends more than he or she receives

Definition: the debts that you owe

Definition: the difference between the amount you own and the debts you owe

Definition: the method of planning how to get the most from your money

Definition: the money left over after essentials are paid for

Definition: cash and items that can be quickly converted to cash

Definition: extra money that can be spent or saved