The Needs Approach Attempts to Determine the Amount of Funds

question 125

Essay

The needs approach attempts to determine the amount of funds necessary to meet the needs of a family after the death of the primary breadwinner.Name the seven common family needs.

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Definitions:

Paperwork

The written documents or records, especially those associated with transactions, processes, or administration.

Cash Receipts Report

A financial document summarizing all cash inflows, or money received, by a business during a specified period.

QuickBooks

A popular accounting software package designed for small and medium-sized businesses to manage income and expenses and keep track of their financial health.

Total Revenue

The full amount of income generated by the sale of goods or services before any expenses are deducted.