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Money Management Flashcards | StudBud
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Money Management
Money Management
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Control Your Cash Flow
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
What is a need?
Items you do not want to live without
Items essential to your health and security
Items that make life more interesting
Items that make life more fun
2
What is a Fixed Expense?
An Expense that you are not required to pay
Expense that will never pay off
An expense that cost the same every month
3
What is a Variable Expense?
The amount is the same but at different times in the month
The amount is different each time
4
What percentage of my paycheck should I save each month?
10 Percent
25 Percent
15 Percent
30 Percent
5
When you set aside a cash fund in case of unexpected expense
IRA
Emergency Fund
Collateral Fund
Retirement Fund
6
Author Brian Tracy's quote: Successful people are simply those
with successful habits
with money
who's needs are met
who buy what they want
7
Stockholders want to build what at any cost?
Membership
Real Estate
New Locations
Revenue, Profits, Money
8
Banks are owned by
Beyonce
Members
Operators
Stockholders
9
Think of any money you receive as
Investments
Donations
Spending Money
Income
10
Without a budget
You could satisfy your wants instead of your nees
You could make random purchases
You could go into debt
You could run out of money
11
Deciding what you want and buying it right away is called?
Care Free Living
Instant Gratification
Determination
Impulse Buying
12
What is the time frame of a long term goal?
6 Months
More than a year
10 Months
11 Months
13
When you have unexpected expenses come up you must find a way to...
Increase your income or decrease your expenses
Skip multiple loan payments
Take a loss on your taxes
File for Bankruptcy
14
Credit Unions are owned by
Stockholders
Members
15
What are expenses?
Medical Bills only
Unnecessary items
What you spend your money on
Taxes only
16
What is the time span of a short term goal?
1 - 2 years
1-3 months
1 - year
1-6 months
17
I can create a budget using ...
Paper
Apps
Excel Charts
Word Charts
18
As a teenager I should have an emergency fund ranging from...
20 - 50 $$$
250 - 350 $$$
100 - 400 $$$
500 - 1,000 $$$
19
What does SMART Goal stand for?
Synergy, Minimalistic, Accessible, Resistant, Time Based
Specific, Measureable, Attainable, Relevant Time Based
Specific, Measurable, Accessible, Relatable, Testable
Systematic, Measureable, Achievable, Relatable, Testable
