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Financial Planning & Budgeting Review Flashcards | StudBud
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Financial Planning & Budgeting Review
Financial Planning & Budgeting Review
16 terms
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For money management, test review
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
What is missing from this goal? I will save $1200 for a trip to Mexico in 4 months.
Measurable
Specific
Time
Attainable
2
Income used to pay for a need.
Interest Income
Discretionary Income
Disposable Income
Net Income
3
Expenses that change from month to month.
Fixed
Variable
4
What is the best thing to do to reduce a budget?
Decrease disposable income
Decrease income
Decrease fixed expenses
Decrease variable expenses
5
Which is an example of a fixed expense?
Health/Beauty Aides
Groceries
Rent
Entertainment
6
When income is less than expenses.
Net Gain
Net Loss
7
Next year we plan to go to Disney. What should I do to help meet this goal?
Increase variable expenses
Eliminate unnecessary spending
Increase my credit card limit
Eliminate my cell phone
8
Which one is
not
a part of SMART goals?
Measurable
Attachable
Time
Specific
9
When you take an amount of money and save it to be spend on long-term goals.
Goal
Pay Yourself First
Savings
Investment
10
What factor (s) can influence a person's decision?
All of the above
Age
Family
Values
11
A plan for managing your money during a period of time.
Long-Term Goal
Pay Yourself First
Budget
Short-Term Goal
12
Which is an example of a short-term goal?
Buying a boat in 5 years
Buying a house in 4 years
Going on a trip in August
Paying for college in 2 years
13
What does a budget include?
Assets & Liabilities
Income & Assets
Net worth
Income & Expenses
14
What should a person do to make sure their budget is realistic?
Research a budget on the internet
Record actual expenses/income for a month
Don't go out at all during the month to save money
See how much they have left at the end of the month
15
How do you calculate a person's net worth?
Assets minus liabilities
Expenses minus revenue
Liabilities minus assets
Revenue minus expenses
16
Which is an example of a variable expense?
Rent
Cell Phone Bill
Entertainment
Car Payment
