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Money Management Flashcards | StudBud
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Money Management
Money Management
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PF Unit 1
Flashcards
21 cards
F
Practice quiz
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Host live
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Questions
21
Answers
1
Which is NOT a money management skill discussed in the lesson?
Estimating expenses
Calculating the correct income tax rate
Formulating a budget
Saving for emergencies
2
PYF stands for
Pay yourself first
Payment yielding futures
Principal yield finance
Pay yourself financing
3
What's a good percentage to start saving if you're unsure where or how to start?
10%
0%
5%
25%
4
When estimating expenses, it is better to be:
A little high
A little low
5
You're saving $30/month. You want to accumulate $700 in savings. How long will it take you?
About 1 year
About 5 years
About 2 years
About 10 years
6
A mortgage payment is an example of what type of expense?
Variable
Fixed
Periodic
7
The money flowing into your pockets as income and flowing out as expenses is known as:
Income
Cash flow
Surplus
Deficit
8
How much should you save each month?
Save $50 from each paycheck
Save spare change
Decide what you can afford
Always save 10%
9
An unforeseen cost - like a flat tire.
Fixed expense
Variable expense
Unexpected expense
10
When estimating income, it is better to be:
A little high
A little low
11
Insurance payments each quarter would be an example of what type of expense?
Fixed
Variable
Periodic
12
Which of the following is an example of irregular income?
A part time job
All of the above
A graduation gift
A full time job
13
Ideas and beliefs that are most important to you are known as:
Goals
Ideals
Experiences
Values
14
An unchanging expense
Flexible expense
Fixed expenses
Variable expense
Surplus
15
Because not all expenses can be predicted, it's good to have a(n)
Expense Account
Emergency Fund
Checking Account
Extra Job
16
Goals 1 year or longer are considered:
Long term
Medium term
Short term
17
Any money received is known as
Income
Expenditures
Expenses
18
Putting gas in your car would be an example of what type of expense?
Periodic
Fixed
Variable
19
Buying groceries for the family is an example of what type of expense?
Periodic
Fixed
Variable
20
Preparing a budget is:
Not an effective way to save money
An ongoing process
A method for calculating take home pay
Something you only have to do once
21
Goals up to 1 year are considered:
Long term
Medium Term
Short term