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Money Management Flashcards | StudBud
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Money Management
Money Management
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#personalfinance #moneymanagement
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
What was Willie’s income during the week?
$62
$123.50
$5
$57
2
Mark's going to Brazil in 18 mo. He'll need $3,000 and has $300. What should he save each mo?
$150
$167
$225
$2,700
3
Any money you receive such as an allowance or paycheck
Emergency Fund
Cash Flow
Fixed Expense
Income
4
Willie decides to create a spending plan. What strategies will help him stick to his plan?
review his plan regularly to make adjustments
only carry the amount of money he plans to spend
write out goals & post goals in a visible place
tell other people about his goals
5
How can Willie change his spending or income so he isn’t spending more than he is receiving.?
reduce amounts spent for wants
find other income sources(s)
all of the above
set aside money each week to pay for big-ticket items
6
Which of the following factors can influence decisions?
all of them
values
family and peers
age
7
How many different income sources does Jeremiah have?
0
3
1
2
8
Shaunda's grandmother agrees to sell her a car for $1200 in a year. What type of goal is this?
short-term
financial-term
medium-term
long-term
9
3. A value can be described as
a belief or idea you consider important or desirable
willingness to give up something now for a future benefit
something basic for your survival
something you desire to make your life more comfortable
10
Lisa will buy 2 new tires 3 months from now for $75 each. How much should she save each month?
$50
$75
$150
$25
11
Marcus wants a used car, already has $1300. If he saves $150 each mo. how long to save $2500?
12 months
8 months
10 months
6 months
12
How many different expenses does Jeremiah have?
4
6
2
0
13
Which of the following is considered a need?
a clothes dryer
a place to sleep
lunch at a local restaurant
a new car
14
A predictable amount of money spent to buy or do something that is the exact same every time
Emergency Fund
Opportunity Cost
Fixed Expense
P.Y.F
15
What was the total of Willie’s expenses during the week?
$106.25
$61.50
$66.50
$44.25
16
What's missing from Willie’s goal:
Save $10 each month for a class trip to Washington, D.C.
doesn’t identify specific costs for the trip
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
17
Setting aside money to have on hand for unexpected expenses and events
Spending Log
Emergency Fund
Variable Expenses
Income
18
Kelly has braces that cost $3200, half was paid. Save what each mo. to pay the total in 8 mo.?
$135
$1,600
$400
$200
