Final answer:
The statement that money management refers to managing current financial resources while aiming for long-term financial security is true. Financial planning and literacy are key to achieving economic stability; this encompasses budgeting, savings, and understanding various financial tools and institutions.
Step-by-step explanation:
Money management indeed refers to the day-to-day financial activities necessary to manage current personal economic resources while working toward long-term financial security. The correct answer to this statement is A. True. Understanding and engaging in these financial practices is critical for maintaining a stable financial present and building toward a prosperous future.
Financial planning includes creating a budget to balance income and expenditures, which is fundamental in avoiding financial pitfalls. Moreover, being financially literate in terms of knowing how to invest, maintain a checking account, understand lending options, and manage credit scores is vital for making informed economic decisions.
It is essential to begin a savings program early in life as investing can help the 'nest egg' grow, providing future financial security. Adequate knowledge of financial markets, institutions, and responsible credit use is imperative to ensure personal economic success in a dynamic economy.