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:
  1. Take-Home Income
  2. Monthly Living Expenses
  3. Secured Debts
  4. Unsecured Debt
  5. Disposable Income
  6. Disposable income as a percent of total income