MCS 2100 Chapter Notes - Chapter 2: Liquid Oxygen, Independent Contractor, Unemployment Benefits

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: Jian Zhou

Document Summary

Lo1recognize relationships among nancial documents and money management activities. Successful money management requires effective coordination of personal nancial records, personal. Lo2create a system for maintaining personal nancial records. An organized system of nancial records and documents is the foundation of effective money management. This system should provide ease of access as well as security for nancial documents that may be impossible to replace. Lo3develop a personal balance sheet and cash ow statement. A personal balance sheet, also known as a net worth statement, is prepared by listing all items of value (assets) and all amounts owed to others (liabilities). The difference between your total assets and your total liabilities is your net worth. A cash ow statement, also called a personal income and expenditure statement, is a summary of cash receipts and payments for a given period, such as a month or a year. This report provides data on your income and spending patterns.