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5 Cards in this Set

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  • Back

3 Ways to Keep Financial Documents Organized

Safe-Deposit Box, Filing Cabinet, and your Home Computer

Examples of items you may keep in a safe-deposit box

Pay stubs, bank statements, birth certificates, marriage license

Personal Finance Statements

Provides info about your current financial position and presents a summary of income and spending


Determines what you owe and own


Measures progress


Tracks financial activity


Organizes info required to follow your tax return

Personal Balance Sheet

Net Worth Statement


Difference- What you owe-what you own


Assets


Liabilities


Net-worth


Financial Situation

Define:


Assets, Liquid Assets, Wealth

Assets-Items you own


Liquid Assets-Items that can be quickly converted into cash


Wealth-property that has a money value or exchange value (Savings Account, Real Estate, Market Value)