ENTREPRENEURIAL PLANNING
FINANCIAL PLANNING AND ANALYSIS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Your financial needs will change as you move through your life.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Understanding the difference between the two and how they interplay is one of the first steps of managing your personal finances. An asset is something that has value and/or puts money in your pocket because it generates income and/or cash flow. A liability moves money out of your pocket and causes costs for you.
Detailed explanation-2: -Your wealth can be measured using the personal cash flow statement. Savings should be included in your list of cash inflows when creating the personal cash flow statement. The amount you owed on your credit card is an example of a liability.
There is 1 question to complete.