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Practical Money Skills Flashcards | StudBud

Explore/Practical Money Skills

Practical Money Skills

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Questions 10

Answers

1
What is net income?
What is left over after you take out deductions for taxes
Income without deduction for taxes
2
What is Gross Income
Income with additional fees
what is left over after you take out deductions for taxes
Money earned
Total you actually earn
3
What does S.M.A.R.T stand for?
Specific Measurable Attainable Relevant Time-Relevant
Specific Math Attainable Risk Talent
Smart Math Attainable Relevant Time
Specific Measure Ask Reveal Talent
4
How can you track your money?
Bills and Invoices
All of the Above
Receipts
Check Registers
5
What is the difference between a need and want?
A need is Food, a want is a new TV
A need is a new TV, a want is Food
A need is Child Care, a want is candy
A need is a bike, a want is a car
6
What are the two Parts of Money Management
Income and Saving
Investing and Saving
Investing and Spending
Income and Spending
7
A spending plan will.....
Help you spend less
Help you spend more
Show you where to cut spending
Provide methods for keeping good records of spending
8
How will a spending plan help you?
It will help you spend money
Help make impulsive buys
Enable you to make good decisions about how you use money.
It won't
9
What are the 3 overall steps to get the most from your money?
1. Set Goals 2. Develop a Plan 3.Balance Spending and Saving
1. Set goals 2. Get Money 3. Spend Money
1. Set Goals 2. Develop a plan 3. Set new goals
1. Get income 2. Make a plan 3. Work for more income
10
How can you trim impulsive buys or unnecessary expenses?
Upgrade your phone whenever there is a new one
Buy whatever you want
Go out to eat every day
Choose free recreational activities