MCS 2100 Lecture Notes - Lecture 2: Financial Statement, Savings Account, Opportunity Cost
5 Apr 2016
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Document Summary
Chapter 2- money management strategy: financial statements and budgeing. Money management (mm): day-to-day inancial aciviies necessary to manage current personal economic resources while working toward long-term inancial security. When you select an alternaive it means that you give up something else (opportunity costs: ex. saving and invesing for the future reduces the amount of money that you can spend now. Storing and maintaining personal inancial records and docs. Creaing personal inancial statements (balance sheets and cash low statements of income and ouflows) Creaing and implemening a plan for spending and saving (budgeing) Most records are kept in a home ile, a safety deposit box or a home computer. Your home iles should be organized and allow for quick access to important docs. Safety deposit box: a private storage area at a inancial insituion with maximum security for valuables: important docs and objects should be kept here- not in a home ile.
