MODULE 1: Money Management

Question 1

A value can be described as _______________________.

Accepted Answer

a belief or idea you consider important or desirable

Question 2

Details exactly how you are going to use your money to pay for the things you want and need

Accepted Answer

Spending and Savings Plan

Question 3

List of what you spend money on

Accepted Answer

Spending Log

Question 4

Any money received as paycheck or allowance is known as

Accepted Answer

income

Question 5

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

Accepted Answer

all of these

Question 6

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

Accepted Answer

choose two to three good options

Question 7

Which of the following is a consequence of overdrawing your checking account?

Accepted Answer

All of the above

Question 8

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 9

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

Accepted Answer

all of these

Question 10

A short-term goal has a time frame of

Accepted Answer

0 to 3 months

Question 11

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

Accepted Answer

identify the pros and cons

Question 12

The money flowing into your pockets as income and flowing out as expenses and debt is

Accepted Answer

Cash Flow

Question 13

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

Accepted Answer

fixed expense

Question 14

Common expenses where the amount is different all the time

Accepted Answer

Variable Expenses

Question 15

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

Accepted Answer

PYF

Question 16

Personal Finance is

Accepted Answer

80% behavior, 20% head knowledge

Question 17

Which of these is considered a need?

Accepted Answer

shelter

Question 18

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

Accepted Answer

opportunity cost

Question 19

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

Accepted Answer

value

Question 20

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

Accepted Answer

emergency fund

Questions 20