What is the purpose of goal setting in the financial planning process?

To provide direction for planning and action

A value can be described as:

A belief or idea you consider important or desirable

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Money Management Module 1

19 termsStudBud Administration1,890 plays

Money Management Quiz

Flashcards19 cardsFPractice quizPHost liveL

Questions 19

Answers

1
Buying new shoes to replace the ones that you have outgrown represents:
Need
Want
2
Groceries represent:
A periodic expense
A fixed expense
A variable expense
3
S in SMART stands for:
Specific
Saving
Spending
Supercalifragilistic
4
Dustin plans to buy his mom a birthday gift in one month for $25. This is considered:
medium-term Goal
short-term Goal
long-term Goal
5
M in SMART stands for:
Manditory
Management
Median
Measurable
6
What is the purpose of goal setting in the financial planning process?
To facilitate decision making
To differentiate between needs and wants
To provide direction for planning and action
To clarify goal ranges
7
Having dessert represents a:
Want
Need
8
A value can be described as:
Something you desire to make your life more comfortable
A belief or idea you consider important or desirable
Something basic for your survival
Giving up something now in exchange for a future benefit
9
Susie plans to go on Spring Break in 6 months. She needs to save $1,000. This is considered:
Medium-term goal
Short-term goal
Long-term goal
10
What does PYF stand for?
Pay Yourself First
Post Your Favorite
11
R in SMART stands for:
Relevant
Recreational
Relativity
Reciept
12
Juan plans to save $4,800 to help pay for college in two years. His goal is:
Long-term Goal
Medium-term Goal
Short-term Goal
13
Financial Planning is:
Setting goals
Putting the plan into action
All of these are correct
Developing a plan to achieve them
14
Budgets...
All of these are correct
Should include a plan to Pay Yourself First
Should not be too restrictive
Can help you stick to your financial goals
15
A car payment represents:
A periodic expense
A fixed expense
A variable expense
16
Car repairs represent:
A periodic expense
A variable expense
A fixed expense
17
Giving up something now to get something better in the future is:
Instant gratification
Delayed gratification
Goal setting
18
A in SMART stands for:
Action
Attainable
Accomodation
Association
19
T in SMART stands for:
Time standards
Time bound
Timing
Timely manner

Money Management Module 1 Flashcards | StudBud

Money Management Module 1

19 termsStudBud Administration1,890 plays

Money Management Quiz

Flashcards19 cardsFPractice quizPHost liveL

Questions 19

Answers

1
Buying new shoes to replace the ones that you have outgrown represents:
Need
Want
2
Groceries represent:
A periodic expense
A fixed expense
A variable expense
3
S in SMART stands for:
Specific
Saving
Spending
Supercalifragilistic
4
Dustin plans to buy his mom a birthday gift in one month for $25. This is considered:
medium-term Goal
short-term Goal
long-term Goal
5
M in SMART stands for:
Manditory
Management
Median
Measurable
6
What is the purpose of goal setting in the financial planning process?
To facilitate decision making
To differentiate between needs and wants
To provide direction for planning and action
To clarify goal ranges
7
Having dessert represents a:
Want
Need
8
A value can be described as:
Something you desire to make your life more comfortable
A belief or idea you consider important or desirable
Something basic for your survival
Giving up something now in exchange for a future benefit
9
Susie plans to go on Spring Break in 6 months. She needs to save $1,000. This is considered:
Medium-term goal
Short-term goal
Long-term goal
10
What does PYF stand for?
Pay Yourself First
Post Your Favorite
11
R in SMART stands for:
Relevant
Recreational
Relativity
Reciept
12
Juan plans to save $4,800 to help pay for college in two years. His goal is:
Long-term Goal
Medium-term Goal
Short-term Goal
13
Financial Planning is:
Setting goals
Putting the plan into action
All of these are correct
Developing a plan to achieve them
14
Budgets...
All of these are correct
Should include a plan to Pay Yourself First
Should not be too restrictive
Can help you stick to your financial goals
15
A car payment represents:
A periodic expense
A fixed expense
A variable expense
16
Car repairs represent:
A periodic expense
A variable expense
A fixed expense
17
Giving up something now to get something better in the future is:
Instant gratification
Delayed gratification
Goal setting
18
A in SMART stands for:
Action
Attainable
Accomodation
Association
19
T in SMART stands for:
Time standards
Time bound
Timing
Timely manner