MCS 2100 Chapter Notes - Chapter 2: Money Management, Financial Statement, Financial Institution

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: Ken Mark

Document Summary

Items of value (what you own) - amounts owed (what you owe) = net worth (your. Step 1: listing items of value assets - cash and other property with a monetary value. liquid assets - cash and items of value that can easily be converted to cash: liquid assets, real estate, personal possessions, 4. Increasing your savings: reducing spending, reducing the amounts you owe. Increasing the value of investments and other possessions. Total cash received during the time period - cash outflows during the time period = cash surplus or deficit. A good budget takes time and e ort to prepare. Planning a budget should involve everyone a ected by it. Children can learn important money management lessons by helping to develop and use the family budget: realistic. If you have a moderate income, don"t immediately expect to save enough money for an expensive car or a lavish vacation.