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Money Management Practice Quiz Flashcards | StudBud
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Money Management Practice Quiz
Money Management Practice Quiz
26 terms
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StudBud Administration
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96 plays
Based upon NEFE approach
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
Ones values are not shaped by
experiences
family and friends
email
beliefs
2
The S in SMART goal stands for Synchronized
True
False
3
The first step of a DECIDE is
choose 2-3 good options
Define your goal
Decide the best item
establish your criteria
4
Money put aside for the future is_____
spending
credit
expense
savings
5
What is the best way for college students to be responsible with their money?
Identify your needs versus your wants.
Track how much you are spending.
Know your cash flow.
All of the above.
6
A medium term goal is a goal you want to complete in 6-12 months
False
True
7
What is something you need to do for money management
Buy more stuff
Take time to think about life
Make a plan
Lie about how much money you have
8
The six steps to a winning spending plan includes all but
implementing the plan
listing all your income
reviewing and adjusting the plan as needed
making sure you spend more than you earn
9
Maximizing your money comes down to managing your
budget
your social life
bank accounts
your cash flow
10
A spending plan shouldn't have alot of detail
False
True
11
You should use your spending log as an "early warning system."
True
False
12
I am ready for the test tomorrow
I will be by tomorrow
I need help!
No!
Yes!
13
The last step of a DECIDE is
Develop a plan to evaluate the results
establish your criteria
Define your goal
Decide the best item
14
We use this to determine if a purchase is a want or a need.
Stop Drop and Think
DECIDE
delayed gratification
SMART
15
How do goals help save money?
they don't
what is a goal?
goals let you spend money on unneeded expenses
they help you manage how much you can spend
16
Money habits are
are always bad for you
are always good for you
automatic
don't have any effect on you
17
The best budget is one that is not too restrictive.
False
True
18
To stay on course with your budget, you should share your plan with others
True
False
19
The R in SMART Goal refers to
Retainable
Redundant
Relevant
Reasonable
20
A plan on how you spend, save and manage your money is called a_______
fiscal agent
credit card
budget
tax
21
Spending leaks contribute to one's disappearing dollars.
True
False
22
A good reason to wait to buy something is
None of these
To save up to buy it.
To use my credit card.
There is no good reason to wait.
23
We use this tool to create a budget
Stop Drop and Think
spending habit
spending log
spending plan
24
Money that is earned.
spending plan
value
expense
income
25
Money that is spent.
spending plan
value
income
expense
26
Which of these is not a system to help you manage your budget?
burn your bank cards
spreadsheets and apps
weekly receipt tally
envelope system
