[COMMERCE 4FP3] - Midterm Exam Guide - Ultimate 25 pages long Study Guide!
7 Feb 2017
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Chapter 2 money management strategy: financial statements and. Your daily spending and saving decisions are at the center of financial planning: coordinate these decisions with your needs, goals, and personal situation. Maintaining financial records and planning your spending are essential to successful personal financial management. Money management day-to-day financial activities necessary to manage current personal economic resources while working toward long-term financial security. Examples of trade-off situations, or opportunity costs, include the following: The three money management activities are interrelated. Personal financial records and documents are the foundation of systematic resource use: provide written evidence of business transactions, property ownership, and legal matters. Personal financial statements enable you to measure and assess your financial position and progress. Budget (spending plan) is the basis for effective money management. Invoices, credit card statements, insurance policies, and tax records are the basis of financial record keeping and personal economic choices. An organized system of financial records provides a basis for:
