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Questions and Answers
What are intermediate goals?
What are intermediate goals?
- Goals that have no specific timeframe
- Goals set for the long-term future
- Goals that usually take 3-6 months (or 12) (correct)
- Goals that usually take 1-3 months
What are long-term goals?
What are long-term goals?
Something you want to accomplish in the future.
What is personal financial planning?
What is personal financial planning?
Decisions including budgeting, investing and retirement planning.
What is money management?
What is money management?
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What is a personal financial statement?
What is a personal financial statement?
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What is a personal balance sheet?
What is a personal balance sheet?
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What does liability mean?
What does liability mean?
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What is net worth?
What is net worth?
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What are assets?
What are assets?
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What are liquid assets?
What are liquid assets?
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Study Notes
Goals Overview
- Intermediate Goals: Typically take 3-6 months (or up to 12) to achieve, bridging the gap between short-term and long-term objectives.
- Long-Term Goals: Aimed at future accomplishments, often requiring extensive planning and commitment.
Financial Concepts
- Personal Financial Planning: Involves making strategic decisions regarding budgeting, investing, and retirement to ensure financial stability and achieve financial goals.
- Money Management: The systematic process of budgeting and saving to maintain healthy financial habits and secure future resources.
Financial Statements
- Personal Financial Statement: A comprehensive overview detailing an individual's assets, liabilities, annual income, and expenditures, providing insight into net worth and financial health.
- Personal Balance Sheet: A snapshot that summarizes a company's assets, liabilities, and shareholder equity at a specific moment, crucial for assessing financial position.
Financial Terminology
- Liability: Represents obligations or debts one is responsible for, impacting overall financial stability and net worth.
- Net Worth: Calculated by subtracting liabilities from assets, reflecting a person or company's overall value.
- Assets: Represent properties owned by an individual or company, contributing to net worth and financial resources.
- Liquid Assets: Refers to cash or assets that can be swiftly converted into cash, vital for meeting immediate financial needs.
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