A safe deposit box is a private, secure storage area at a location such as a bank. The financial records that are kept in one are documents like adoption or birth records, wills, and marriage or divorce records. Sometimes Stock certificates, Social Security cards, and passports are also kept there.
2. What are liquid assets? What are non-liquid assets? What are some examples of each?Liquid assets are assets that can be quickly and easily converted into cash. Non-liquid assets are things like real estate, investment assets, and personal possessions such as vehicles, jewelry, and other items of value.
3. What are liabilities? Describe two different types of liabilities.
Liabilities are the amounts of money due to other that need to be paid now. Two different types of liabilities are current liabilities and long-term liabilities. Current liabilities are those that need to be paid in full within a short period of time. Long-term liabilities are those that do not need to be paid in full for a longer period of time.
4. What is net worth?
New worth is the difference between your assets and your liabilities.
5. What is budget variance?
A budget variance is any difference …show more content…
If you don't care about how much you spend and don't care about your income and expenses it's more than likely that you will go over your budget and not save enough money towards your financial goal. Another characteristic of successful budgets is to create a budget. You need to sit down and create a budget on how much you are going to spend and how much you are going to put in the bank instead of not making one and spending all of your money. The last step to successful budget is that it need to be shared with the whole family. The whole family should know about your budget and agree with it. If you have a partner you and your partner should both agree on the budget so it would