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Duplicate of NEFE Module 1
Duplicate of NEFE Module 1
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NEFE Personal Finance Module 1: Money Management - Study Guide
Flashcards
40 cards
F
Practice quiz
P
Host live
L
Questions
40
Answers
1
Why should you keep a spending log?
It’s the only way to be sure of where you money goes
It limits spending money on "useless" expenses
All are correct
It helps you create your spending plan
2
Allowance
Income
Fixed Expense
Variable Expense
Periodic Expense
3
The M in SMART goals means:
Me
Milestone
Measurable
Meaningful
4
Interest from Savings
Income
Periodic Expense
Fixed Expense
Variable Expense
5
The money you spend
Income
Expenses
Values
Cash Flow
6
Rent
Periodic Expense
Variable Expense
Income
Fixed Expense
7
The desire to experience fulfillment without delay
PYF
Values
Delayed Gratification
Instant Gratification
8
The A in SMART goal means:
Attainable
Accomplish
Attention
Awesome
9
Detailed plan for exactly how you’re going to use money to pay for the things you want and need
Spending Plan
Spending Log
Values
Cash Flow
10
Paycheck
Variable Expense
Fixed Expense
Income
Periodic Expense
11
What you give up when you make a decision
Values
Opportunity Cost
Needs
Wants
12
Goals that will be achieved in three months to a year
Long-term goal
Medium-term goal
Middle goal
Short-term goal
13
Things that you have to pay at different times throughout the year
Income
Variable expenses
Periodic expenses
Fixed expenses
14
Which of the following is not a step in the DECIDE process?
Define your goal
Decide what’s best
All of the above are part of the DECIDE process
Establish your criteria
15
The ability to resist the temptation for an immediate reward and wait for a later reward
Delayed Gratification
Opportunity Cost
Instant Gratification
Cash Flow
16
Groceries
Variable Expense
Periodic Expense
Fixed Expense
Income
17
Goals that will take longer than a year to be achieved
Long-Term Goal
Short-Term Goal
Immediate Goal
Medium-Term Goal
18
Netflix
Income
Variable Expense
Fixed Expense
Periodic Expense
19
Which of the following is not a part of the DECIDE process?
Choose two to three good options
Do the right thing
Evaluate the results
Identify the pros and cons
20
A type of PYF fund that is set up in times of dire need
PYF
Savings Account
Emergency Fund
Investments
21
The R in SMART goal means:
Reachable
Relevant
Real
Review
22
Things that make life more interesting and fun, but you can get by without them
Values
Wants
Cash Flow
Needs
23
Prom
Income
Fixed Expense
Periodic Expense
Variable Expense
24
What could be done to help stay off course with your spending?
Use your spending log as an early warning system
Purchase things right when you want them
Share your plan with others
Create an emergency fund
25
Goals that will be achieved in up to three months
Values
Long-term goal
Short-term goal
Middle-term goal
26
Things that cost different each time
Periodic Expenses
Fixed Expenses
Income
Variable Expenses
27
The S in SMART goal means:
Specific
Smart
Systematic
Self
28
Which is not a source of income?
Paycheck
Interest paid on a loan
Interest earned on an account
Allowance
29
The money flowing into your pockets as income and flowing out as expenses and debt
Spending Log
Values
Income
Cash Flow
30
Which is a need?
A Prada jacket for the fall
A car to get to work
An iPhone for taking pictures
Under Armour running shoes for leisure activities
31
The money you receive
Periodic Expenses
Income
Fixed Expenses
Variable Expenses
32
A record of everything you spend money on and how much is spent each day
Spending Log
Spending Plan
Cash Flow
Emergency Fund
33
The ideas and beliefs that are most important or most meaningful to you
Wants
Values
Needs
PYF
34
Things that cost the same each time
Income
Fixed Expenses
Variable Expenses
Periodic Expenses
35
Utilities
Fixed Expense
Variable Expense
Income
Periodic Expense
36
The T in SMART goals means:
Term
True
Time-bound
Trust
37
PYF means
Pay yourself first
Pay your friends
Price your finds
Place your funds
38
How many days does it take to turn something into a habit?
21
14
41
31
39
Things that are essential to your health and security
Needs
PYF
Wants
Values
40
Cell phone bill
Income
Variable Expense
Fixed Expense
Periodic Expense
