Your financial goals should be?

specific, measurable and realistic

Which 2 factors impact your credit score (FICO score) the most?

Your payment history and how much you owe?

Even when you cannot afford to put $ towards your sharing goals you can always?

Donate your time to a charitable organization

What type of income should be included in your budget?

regular or predictable income like your net paycheck

Most adults with healthy money habits developed them?

When they learned them as young people from their parents

If you are trying to substantially reduce the amount you spend on food, you should try...

Cooking your own food at home for as many meals as possible

People who volunteer their time, money, goods and resources:

started an early age in life based upon values learned

These initial steps should be followed in order to help you to meet your financial goals:

identify and prioritize your goals

Which statement accurately describes how the 50/30/20 Rule would break down your take-home pay?

50% Needs; 30% Wants; 20% Savings

You would use money from your emergency fund to pay for which of the following?

An unexpected expense for repairing your car

Which of these are NOT a quality of a good budget?

All of these are qualities of a good budget

Your budget should reflect and focus on the 3 R's which are:

reality, responsibility, restraint

A budget is a plan on how to use your money for a given period of time based on your?

expected monthly net income sufficient to cover your expenses

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Financial Planning & Budgeting

38 termsStudBud Administration3,506 plays

Review and assessment of students understanding of financial planning, budgeting, credit cards and debt, credit scores, buying a used car and insurance.

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Questions 38

Answers

1
Which of these are NOT one of the 6 steps in setting a financial plan?
set up a budget
make a complex plan
organize your records
develop a long-term plan
2
Which one of these expenses most likely represents a VARIABLE cost in someone's budget?
Concert Tickets
Student Loan Payment
Car Insurance Premium
Rent
3
Which of the following will help you protect yourself from identity theft and fraud?
all of the above
regularly monitor your credit report
contact lenders and credit bureaus to address incorrect info
freeze your credit
4
All of the following are fixed expenses except for?
Student Loan
Entertainment
Car Payment
Rent
5
If your budg. monthly Net Inc. is > than the total of sharing, savings and spending you have a?
budget deficit
problem
reason to go on a shopping spree
budget surplus
6
Your monthly net income = $800. You want to save 20% each month. What is the monthly savings?
$80
$160
$100
$200
7
Your financial goals should be?
conservative
based upon your friends values
specific, measurable and realistic
aggressive and risky
8
Which 2 factors impact your credit score (FICO score) the most?
Credit mix and closing all your credit card accounts
Your payment history and how much you owe?
Length of credit history and new credit
None of the above
9
A medium-term goal covers what period of time?
five plus years
the cost of visiting a medium or psychic
less than a year
one to five years
10
Even when you cannot afford to put $ towards your sharing goals you can always?
Donate your time to a charitable organization
Study hard to ensure you pass this Chapter test
Wonder why Mr. G. included this question on this Kahoot
Take a nap and dream about one day being rich
11
Which payment option can have interest charged to you?
cash
credit card
check
debit card
12
What type of income should be included in your budget?
birthday gift from grandma
lottery winnings
regular or predictable income like your net paycheck
bonus received at work
13
Most adults with healthy money habits developed them?
In High School after taking my Financial Literacy class
When they learned them as young people from their parents
While in the womb
After taking their daily vitamins for 10 straight years
14
Mr. G's budget has $2,500 per month of net income and $3,000 of expenses (shar., sav. spend.):
Mr. G. needs to get a pay raise
Mr. G. has a positive monthly cash flow
Mr. G. has a budget surplus
Mr. G. has a budget deficit
15
Keeping a spending log for a month reveals?
fixed and variable income
your actual expenses
income and expenses
the largest source of income
16
Which of the following is a fixed expense?
Auto Repairs
Car Insurance Premium
New Clothes for 1st Day of School
Concert Tickets
17
If you are trying to substantially reduce the amount you spend on food, you should try...
Eating more snacks on the go and way fewer meals at home
Drinking more coffee and soda so you are not as hungry for food
Cooking your own food at home for as many meals as possible
Dining at restaurants more often so you don't waste water doing dishes
18
The _________ money management system helps you look at money in terms of your own values
One, Two, Three
Simple, Specific, Smart
Specific, Measurable, Realistic
Share, Save, Spend
19
Make ______ spending decisions so you spend $ on what you actually want vs. whatever comes up
pro-active and smart
reactive
counter-productive
spur of the moment
20
Your employer sends you ____ by Jan. 31 to show how much $ you made & taxes withheld last year?
Form W-2
Form 1040
Form W-4
Milan Rose Picture Form
21
Jan pays $150 each month for her auto insurance policy. This regular payment is called a:
premium
claim
deductible
co-pay
22
The best way to begin planning your budget is to look at your?
college spending habits
wallet
social security card
financial goals
23
People who volunteer their time, money, goods and resources:
are wealthy
stop once they feel that they have given enough
want something back in return
started an early age in life based upon values learned
24
These initial steps should be followed in order to help you to meet your financial goals:
put your wants before your needs
spend all of your savings and hope for the best
identify and prioritize your goals
you put your right foot in you take your right foot out
25
How is a budget like a road map to your financial goals?
A budget gives direction to money today in order to reach a future goal
All of the above
Living without a budget is like traveling across country without a map
If the path you follow is wrong the budget can be used to reroute your plan
26
Which statement accurately describes how the 50/30/20 Rule would break down your take-home pay?
50% Wants; 30% Needs; 20% Savings
50% Savings; 30% Needs; 20% Wants
50% Needs; 30% Wants; 20% Savings
50% Wants; 30% Savings; 20% Needs
27
Goals like saving for college in a 529 Plan or saving for retirement are what kind of goals?
open-ended or long-term goals
sharing goals
short-term goals
unattainable goals
28
You would use money from your emergency fund to pay for which of the following?
An unexpected expense for repairing your car
Your monthly gas and electric bill
Dinner at Applebee's
All of the above
29
Which of these are NOT a quality of a good budget?
It is accessible and easy to use
It is based on your values
It is flexible
All of these are qualities of a good budget
30
Deb's monthly net income = $1,200. She shares 10% and saves 15%. How much is left for spending?
$300
$900
$600
$750
31
Your budget should reflect and focus on the 3 R's which are:
reality, responsibility, restraint
recollect, repay and react
replay, rewind and reverse
read, recite and review
32
A deductible is paid by...
the insurance policyholder
any uninsured drivers
the insurance company
the claims adjuster
33
Which is not an example of a risk management strategy?
wearing a seat belt while driving
wearing a helmet while biking
buying a new car
installing a Ring security doorbell at home
34
How often should you assess and review your budget?
Every day because you like to worry a lot
Every month or two
Never, I like it just the way it is now
Every year
35
Which of the following are our taxes used to pay for?
all of the above
social security and medicare
public projects, police and fire departments
schools, education and roads
36
A budget is a plan on how to use your money for a given period of time based on your?
immediate needs
jealousy over your friends new sports car
future wants
expected monthly net income sufficient to cover your expenses
37
Which tax must be paid by everyone who works a job?
sales tax
none of the above
property tax
estate or inheritance tax
38
When should your budget be revised?
If you have two or more deficit weeks in a row
A major life change like having a baby
When you change your savings goal from 15% to 20% of net pay
All of the above

Financial Planning & Budgeting Flashcards | StudBud