TL Module 1 Money Management

Each person has different values which guide them through life.

Financial plans that are more than five years off are called

The money going in and out of your wallet and bank account.

What is the acronym SMART stand for?

WHAT'S MISSING to make it a SMART goal? I plan to save to buy a new Mac Notebook computer in one year.

Your budget shows a surplus when you

An expensive new fancy car is an example of a need.

It isn't necessary to evaluate your results once you've made a decision.

Example of a FIXED expense is

Which of the following factors can influence decisions?

Spending, saving and investing to the kind of life you want and security can be achieved by

Example of a PERIODIC expense is

The purpose of goal setting in financial planning process is to

Which of the following is a need

An advantage to using a budget is to make sure you don't spend more than you make.

Income (money you receive) consists of

When creating a budget, the goal is to have your income and expenses at least balance equally.

WHAT'S MISSING to Make This a SMART Goal? I plan to save 5,000 towards my college tuition in four years

Saving for vacation you are taking in 6 months is

In order to prepare a budget, you don't need to track your spending habits.

Saving money for a Valentine's Day gift (from today) is an example for a long-term goal.

What you spend money on

Taking some money you receive and saving it to be used on a goal or emergency.

Example of a DISCRETIONARY expense is

You can think of PYF (Pay Yourself First) as a bill you owe yourself.

Any amount of money you spend to buy something that is the same amount each month.

A personal budget should be planned for a specific period of time.

To stay on track with your budget you can use the envelope system or a spreadsheet.

The trade-off made by making one choice instead of another is known as

Your SPENDING PLAN is written in stone and cannot be changed.

PYF stands for

A value can be described as

WHAT'S MISSING-SMART goal? I plan to save $2,000 for a new computer by saving my whole paycheck for 6 months.

Example of a VARIABLE expense is

After creating your financial plan you should never make any changes.

Which of the following could not be called income?

WHAT'S MISSING I plan to save $2,500 by saving $105 a month for two years.

An X-box gaming system is an example of a want.

You need shelter, but you don't need a mansion.

You should list alternatives for major decisions and review the pros and cons.