Final answer:
The term associated with figuring out how much money you have is budgeting. This involves determining your income, accounting for all expenses including bills and discretionary spending, and understanding the liquidity of your assets.
Step-by-step explanation:
The term generally associated with figuring out how much money you have is creating a budget. A budget is a financial plan that allows you to track and manage your money, ensuring that you have enough to cover monthly expenses such as rent, groceries, and bills, as well as to maintain an allowance for discretionary spending. People commonly perform these calculations without strict adherence to printed formulas, acknowledging that expenses can fluctuate and precision is not always necessary. Instead, it's about understanding the costs of your lifestyle and ensuring your income meets these demands.
While cash in your pocket is the most liquid form of money, checks and credit cards are also considered money due to their ability to facilitate purchases, albeit with varying degrees of liquidity. The concept of liquidity in economics is crucial for understanding different forms of money and their ease of use for buying goods and services. Hence, knowing how much money you have includes understanding different aspects of liquidity and how it affects your financial assets.