Question

Share what you have learned from the following Personal Finance concepts.

• Personal Financial Planning Sheets
• Financial Documents and Records
  • Creating a Personal Balance Sheet
  • Creating a Personal Cash Flow Statement
  • Developing a Personal Budget

Answer 1

1) Personal Financial Planning Sheets?

Answer: Personal Financial planning sheets is a management tool applied to your income and expenses. As its name suggests, it's up to you to organize all of your income and expenses, both what has happened and what's coming, so you always have control of your personal finances planning.

2)Financial Documents and Records?

Answer: Financial documents and record representing the transactions of a business, individual or other organization. Financial records maintained by most businesses include a statement of retained earnings and cash flow, income statements and the company's balance sheet and tax returns.

3) Creating a Personal Balance Sheet?

Answer: Personal Balance Sheet is a balance sheet is the second type of personal financial statement. A personal balance sheet provides an overall snapshot of your wealth at a specific period in time. It is a summary of your assets (what you own), your liabilities (what you owe), and your net worth (assets minus liabilities).

4) Creating a Personal Cash Flow Statement?

Answer: You can create your own personal financial statements to help with budget planning and to set goals for increasing your net worth. ... The personal cash flow statement measures your cash inflows (money you earn) and your cash outflows (money you spend) to determine if you have a positive or negative net cash flow.

5) Developing a Personal Budget?

Answer: A personal budget or home budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment. Past spending and personal debt are considered when creating a personal budget. There are several methods and tools available for creating, using and adjusting a personal budget.