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3 cards from this section. Quick, good the night before a test.
What is financial management?
Think about what managing finances in a family involves.
Name one type of income.
Consider what income sources families use.
What is the purpose of financial management?
Think about what families aim to achieve with their finances.
True or False: All types of income come from employment.
Consider different ways families can earn money.
A family has various income streams totaling $4,500 a month, including salaries, side jobs, and passive income. Design a budget prioritizing needs over wants.
What are the family's urgent versus non-urgent needs?
Analyze the impact of losing a secondary income stream on an established monthly budget. What adjustments need to be made?
What costs can be re-evaluated when income decreases?
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