Module 1: Money Management

Question 1

Any money received as paycheck or allowance is known as

Accepted Answer

income

Question 2

A value can be described as _______________________.

Accepted Answer

a belief or idea you consider important or desirable

Question 3

Giving up the next best choice when making a decision is known as

Accepted Answer

opportunity cost

Question 4

In the DECIDE decision-making model, the C stands for _____________________ .

Accepted Answer

choose two to three good options

Question 5

In the DECIDE decision-making model, the "I" stands for _________________ .

Accepted Answer

identify the pros and cons

Question 6

An expense that costs the same every time, usually monthly, is called a ___________

Accepted Answer

fixed expense

Question 7

To change your spending or income so you aren't spending more than you are taking in, you can

Accepted Answer

all of these

Question 8

A strategy that will help a person stick to a spending plan is

Accepted Answer

all of these

Question 9

Saving a certain amount of money to be used later for financial goals is known as

Accepted Answer

PYF

Question 10

Which of the following can influence a person's decisions?

Accepted Answer

all of these

Question 11

A belief or desire that one considers to be important is called a(n)

Accepted Answer

value

Question 12

Which of these is considered a need?

Accepted Answer

shelter

Question 13

A short-term goal has a time frame of

Accepted Answer

0 to 3 months

Question 14

Setting aside money to have on hand for unexpected expenses and events is called

Accepted Answer

emergency fund

Questions 14