ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Budgeting
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Investing
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Personal Finance
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Money Management
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Detailed explanation-1: -Budgeting. The process of projecting, organizing, monitoring, and controlling future income and expenses.
Detailed explanation-2: -The process of projecting, organizing, monitoring, and controlling future income and expenses is known as personal finance.
Detailed explanation-3: -According to Investopedia, “Personal finance defines all financial decisions and activities of an individual or household, including budgeting, insurance, mortgage planning, savings and retirement planning.” Understanding these terms can help you better control your funds and prepare for future financial success.
Detailed explanation-4: -By definition, Personal Financial Planning is a systematic approach whereby an individual maximizes the existing financial resources through proper management of one’s finances to best achieve his/her financial goals and objectives.
Detailed explanation-5: -Key Takeaways Personal financial management, or PFM, is the term used to describe the software that powers many different personal finance and mobile banking tools. Since it first took off in 1983, the software has evolved and expanded beyond its initial purpose to declutter and simplify bill paying.