Duplicate of HSFPP Review Module 1 Money Management

Income (money you receive) consists of

Which of the following is a need

WHATS MISSING I plan to save $2,500 by saving $105 a month for two years.

Your budget shows a surplus when you

Each person has different values which guide them through life.

Which of the following could not be called income?

An expensive new car is an example of a need.

It isn't necessary to evaluate your results once you've made a decision.

You should list alternatives for major decisions and review the pros and cons.

Saving for vacation you are taking in 6 months is

I plan to save to buy a new computer in one year.

The money going in and out of your wallet and bank account.

After creating your financial plan you should never make any changes.

An X-box gaming system is an example of a want.

Example of a VARIABLE expense is

A value can be described as

A personal budget should be planned for a specific period of time.

Which of the following factors can influence decisions?

In order to prepare a budget, you don't need to track your spending habits.

You need shelter, but you don't need a mansion.

When creating a budget, the goal is to have your income and expenses at least balance equally.

The trade-off made by making one choice instead of another is known as

Spending, saving and investing to the kind of life you want and security can be achieved by

What you spend money on

What is the acronym SMART stand for?

Example of a PERIODIC expense is

You can think of PYF as a bill you owe yourself.

Financial plans that are more than five years off are called

To stay on track with your budget you can use the envelope system or a spreadsheet.

Taking some money you receive and saving it to be used on a goal or emergency.

PYF stands for

An advantage to using a budget is to make sure you don't spend more than you make.

Saving money for the holiday is an example for a long-term goal.

WHAT'S MISSING I plan to save 5,000 for college in four years

Your SPENDING PLAN is written in stone and cannot be changed.

The purpose of goal setting in financial planning process is to

Example of a FIXED expense is

MISSING? I plan to save $2,000 for a new computer by saving my whole paycheck for 6 months.

Any amount of money you spent to buy someting that is the same amount each month.