Business College

What is the term for the daily activity of handling economic resources and planning for future economic goals?
Correct Answer
money management
fiscal responsibility
You Answered
financial planning
figuring net worth

CORRECT ANSWER: money management

Answers

Answer 1

The term for the daily activity of handling economic resources and planning for future economic goals is called money management or fiscal responsibility. This involves making smart decisions about how to spend, save, invest, and borrow money to achieve financial goals. The correct answer is money management.

Money management includes tracking income and expenses, creating a budget, setting financial goals, saving for emergencies, paying off debt, investing for the future, and protecting assets with insurance. Effective money management also involves being mindful of spending habits and making adjustments when necessary to stay on track. Financial planning and figuring net worth are also important aspects of money management, but they are not the same thing.

Financial planning involves creating a comprehensive plan to achieve long-term financial goals, while figuring net worth simply involves calculating the value of all assets minus liabilities. Money management is a daily activity that encompasses all aspects of personal finance and is essential for achieving financial stability and success. By practicing good money management habits, individuals can make the most of their economic resources and achieve their financial goals over time. The correct answer is money management.

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