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Chapter 1 Flashcards | StudBud

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Chapter 1

10 terms·StudBud Administration·322 plays

Personal Money Management

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Questions 10

Answers

1
Financial strategies refer to
resources and individual has available for investing
ideas that are considered correct, desired or important.
courses of action to achieve financial goals
The process of predicting your future financial situation
2
The major function of personal financial planning is to
Build a budget
Get into debt
Achieve personal economic satisfaction
Reduce taxes
3
Formal financial report summarizes situation, analyzes needs, recommends activities
Financial Plan
Portfolio
Statement
Budget
4
Inflation reduces the buying power of a dollar.
True
False
5
Adult life cycle is
Stages in family situation and financial needs of an adult
Birth, childhood, adulthood, retirement, death
Tax planning process
Budgeting process
6
Opportunity cost refers to...
current economic conditions
trade-offs when a decision is made
your personal values
commonly accepted financial goals
7
The life situation of a household includes a combination of personal factors such as...
age, education, parents, siblings
age, income, location, education
age, income, household size, and personal beliefs.
age, gender, social security number
8
Mike has a goal to save $1000 for his emergency fund, what SMART is missing?
Time bound
Technique
Achievable
Action
9
The final step in the financial planning process is to
Create a financial plan of action
develop financial goals
review and revise your actions
implement your financial plan.
10
Personal financial planning starts by creating a plan of action.
Only on Monday
True
False