Unit 1 Test Review

being financially literate means that I can

I can increase control of my finances by avoiding

how quickly you can convert an asset into cash

The ability to convert financial assets into cash

3 factors that can influence your decisions are life situations, personal values, and economic factors.

all of the following are benefits of financial planning EXCEPT

Things that you want to achieve

Best practice to help guide your personal finance decisions

If I put a portion of my paycheck into a savings account I am

Thinking about how to spend, save, and invest your money

beliefs and principles that a person considers important, correct, and desirable

a mortgage payment is an example of a fixed expense

the rise in the level of prices for goods and services

The beliefs and principles that help guide your financial planning

Haircuts and power washing are examples of

these are all sources of income EXCEPT

If I can pay my bills on time and have money left over for savings I have

when your paycheck is electronically deposited into an account

A task that a person or machine performs for you

an example of a variable cost is

The price that is paid for the use of money

A goal that can take one year or less (such as saving to buy a computer)

A physical item that is produced and can be weighed or measured

things that you own that you can convert to cash

An example of a variable expense is

A long-term goal for Mr. G is to retire at age 65

The first step to create a budget is to determine your

a long-term goal is 2-5 years

The study of how consumers satisfy their wants and needs with limited resources

A consumer purchases and uses goods or services