Module 1 Money Management (NEFE) 2020

Your SPENDING PLAN is written in stone and can NEVER be changed.

Example of a VARIABLE expense is

Example of a FIXED expense is

Example of a PERIODIC expense is

Which of the following factors can influence decisions?

You need shelter, but you don't need to live in a mansion.

Saving for vacation you are taking in 6 months is

WHAT'S MISSING I plan to save $2,500 by saving $105 a month for two years.

Any amount of money you spend to buy something that is the same amount each month (like rent).

Saving money for a Valentine's Day gift ( from now) is an example for a long-term goal.

You can think of PYF as a bill you owe yourself.

The trade-off made by making one choice instead of another is known as

The most common period of time to create a personal budget

The purpose of goal setting in financial planning process is to

Which of the following is a need

Which of the following could not be called income?

Taking some money you receive and saving it to be used on a goal or emergency.

What is the acronym SMART stand for?

In order to prepare a budget, you don't need to track your spending habits.

An advantage to using a budget is to make sure you don't spend more than you make.

The money going in and out of your wallet and bank account.

Income (money you receive) consists of

Spending, saving and investing to the kind of life you want and security can be achieved by

What's MISSING? I plan to save to buy a new Mac Notebook computer in one year.

WHAT'S MISSING? I plan to save $2,000 for a new computer by saving 100% of my paycheck for 6 months.

Your budget shows a surplus when you

What you spend money on

A value can be described as

You should list alternatives for major decisions and review the pros and cons.

Financial plans that are more than five years off are called

WHAT'S MISSING I plan to save 5,000 towards my college tuition in four years

Example of a DISCRETIONARY (WANTS) expense is

An expensive new fancy car is an example of a need.

PYF stands for