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Money Management Flashcards | StudBud
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Money Management
Money Management
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1
Kelly has braces that cost $3200, half was paid. Save what each mo. to pay the total in 8 mo.?
$200
$135
$1,600
$400
2
Marcus wants a used car, already has $1300. If he saves $150 each mo. how long to save $2500?
6 months
10 months
12 months
8 months
3
What's missing from Willie’s goal:
Save $10 each month for a class trip to Washington, D.C.
doesn't say how much the entire trip costs
no timeline so it’s uncertain if the goal is attainable
doesn't state the source of the money he will save
doesn’t identify specific costs for the trip
4
Any money you receive such as an allowance or paycheck
Emergency Fund
Fixed Expense
Cash Flow
Income
5
Willie decides to create a spending plan. What strategies will help him stick to his plan?
write out goals & post goals in a visible place
review his plan regularly to make adjustments
only carry the amount of money he plans to spend
tell other people about his goals
6
What is missing in section 4?
ideal choice
choose criteria
identify pros and cons
invest time
7
Setting aside money to have on hand for unexpected expenses and events
Spending Log
Variable Expenses
Income
Emergency Fund
8
Saving a certain amount of money to be used later for financial goals
Variable Expenses
Spending and Saving Plan
Emergency Fund
P.Y.F
9
Giving up the next best choice when making a decision
Spending Log
Opportunity Cost
Income
P.Y.F
10
How many different expenses does Jeremiah have?
0
2
4
6
11
Recommend a way to make Willie’s goal SMART
add source of income
add total cost of the trip
NOTHING it's already a SMART goal
add at least two additional specific details like timeframe
12
What was Willie’s income during the week?
$5
$62
$123.50
$57
13
3. A value can be described as
a belief or idea you consider important or desirable
something you desire to make your life more comfortable
willingness to give up something now for a future benefit
something basic for your survival
14
Shaunda's grandmother agrees to sell her a car for $1200 in a year. What type of goal is this?
short-term
financial-term
long-term
medium-term
15
What is missing in section 2?
enjoy wants
establish criteria
enter needs
execute plan
16
Which of the following factors can influence decisions?
family and peers
values
age
all of them
17
Mark's going to Brazil in 18 mo. He'll need $3,000 and has $300. What should he save each mo?
$167
$2,700
$225
$150
18
A predictable amount of money spent to buy or do something that is the exact same every time
Fixed Expense
Opportunity Cost
P.Y.F
Emergency Fund
19
Lisa will buy 2 new tires 3 months from now for $75 each. How much should she save each month?
$150
$50
$75
$25
20
What was the total of Willie’s expenses during the week?
$66.50
$44.25
$61.50
$106.25
21
What is missing in section 3?
check off list
choose 2 or 3 good options
invest time
call for help
22
How many different income sources does Jeremiah have?
2
0
3
1
23
How can Willie change his spending or income so he isn’t spending more than he is receiving.?
find other income sources(s)
all of the above
set aside money each week to pay for big-ticket items
reduce amounts spent for wants
24
Which of the following is considered a need?
a new car
a clothes dryer
lunch at a local restaurant
a place to sleep
