ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Statement of Financial Position
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Income and Expense Statement
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Depository Institution
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Spending Plan
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Detailed explanation-1: -After a thorough understanding of your financial needs has been taken and all the appropriate financial goals have been cemented down, next thing is the investment alternatives or specific recommendations from your financial planner.
Detailed explanation-2: -Your net income or net loss equals your total revenues minus your total expenses for an accounting period. If your revenues are greater than expenses, you have net income. If revenues are less than expenses, you have a net loss.
Detailed explanation-3: -It involves chalking out a plan listing all your future goals and estimating the capital required for their completion. You then plan out the financial means to attain them. It may involve saving, investment, and administration of funds, among others.
Detailed explanation-4: -You can write a financial plan yourself or enlist the help of a professional financial planner. The first step is to calculate your net worth and identify your spending habits. Once this has been documented, you need to consider longer-term objectives and decide on the ways to achieve them.