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21.Financial planners regularly suggest that you borrow money to pay for large purchases. 
 
 

 

 

 

22.The best way to save money is to pay yourself first. 
 
 

 

 

 

23.Most financial experts will tell you to save about 1 month of earnings for contingency purposes. 
 
 

 

 

 

24.Borrowing money for ordinary expenses is a necessary part of life. 
 
 

 

 

 

25.LaTasha is attending her local community college so she can get a good job. She knows that financial planning begins first with making money. 
 
 

Benjamin Franklin said investment in education always pays the best interest. Today, a person with an undergraduate degree earns about twice as much as someone with only a high school diploma.

 

 

 

26.Henri wants to get better control of his personal finances. He should begin by setting up a personal balance sheet and a personal income statement. 
 
 

The first step towards taking control of your personal finances is to take inventory of your current situation. This is accomplished by preparing a personal balance sheet and a personal income statement.

 

 

 

27.Your big screen HDTV would be listed as an asset on your personal balance sheet. However, the loan you took out to buy the TV would be listed as a personal liability. 
 
 

Assets are things of value that you own. Liabilities represent your debts.

 

 

 

28.Listing all of your personal assets is the first step in preparing your own income statement. 
 
 

Assets are found on the balance sheet, not the income statement.

 

 

 

29.Tracking business and personal spending by categories is an important technique to control expenditures. 
 
 

Individuals and businesses often experience cash flow problems. One way to get control of your cash outflows is to keep track of every cent you spend. Developing certain categories can make this task easier and more informative.

 

 

 

30.Your personal budget is the same thing as your personal income statement. 
 
 

An income statement identifiesactual revenue (everything you earned from your job, investments, etc.) and subtracts costs, and expenses to determine your actual net income over a given period. A budget is a financial plan that helps you think about how you can achieve future goals.

 

 

 

 

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