Define and discuss the following:
The purpose of a Personal Cash Flow Statement
The purpose of a Personal/Household Budget
The difference(s) between a Personal Cash Flow Statement and a Personal/Household Budget in terms of the data, and in terms of the use of the data (i.e., where does the data come from, and what is the data used for?)
Challenges you may face developing the cash flow estimate
Describe an emergency fund, its use, how it is built
The following terms:
Take-Home Income
Monthly Living Expenses
Secured Debts
Unsecured Debt
Disposable Income
Disposable income as a percent of total income