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NEFE Module 1
NEFE Module 1
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NEFE Personal Finance Module 1: Money Management - Study Guide
Flashcards
40 cards
F
Practice quiz
P
Host live
L
Questions
40
Answers
1
What could be done to help stay off course with your spending?
Use your spending log as an early warning system
Purchase things right when you want them
Create an emergency fund
Share your plan with others
2
The ideas and beliefs that are most important or most meaningful to you
PYF
Values
Wants
Needs
3
A type of PYF fund that is set up in times of dire need
Emergency Fund
Investments
PYF
Savings Account
4
Things that cost different each time
Income
Fixed Expenses
Variable Expenses
Periodic Expenses
5
Paycheck
Variable Expense
Periodic Expense
Income
Fixed Expense
6
The A in SMART goal means:
Accomplish
Awesome
Attention
Attainable
7
The R in SMART goal means:
Review
Reachable
Real
Relevant
8
Things that you have to pay at different times throughout the year
Variable expenses
Periodic expenses
Fixed expenses
Income
9
The money you spend
Values
Income
Expenses
Cash Flow
10
Which is a need?
An iPhone for taking pictures
Under Armour running shoes for leisure activities
A car to get to work
A Prada jacket for the fall
11
Groceries
Income
Periodic Expense
Variable Expense
Fixed Expense
12
Things that make life more interesting and fun, but you can get by without them
Values
Needs
Cash Flow
Wants
13
Allowance
Variable Expense
Periodic Expense
Fixed Expense
Income
14
Why should you keep a spending log?
It’s the only way to be sure of where you money goes
It helps you create your spending plan
It limits spending money on "useless" expenses
All are correct
15
How many days does it take to turn something into a habit?
41
31
21
14
16
Which of the following is not a part of the DECIDE process?
Do the right thing
Choose two to three good options
Identify the pros and cons
Evaluate the results
17
What you give up when you make a decision
Values
Wants
Needs
Opportunity Cost
18
The money flowing into your pockets as income and flowing out as expenses and debt
Income
Cash Flow
Spending Log
Values
19
A record of everything you spend money on and how much is spent each day
Cash Flow
Emergency Fund
Spending Log
Spending Plan
20
Detailed plan for exactly how you’re going to use money to pay for the things you want and need
Spending Log
Cash Flow
Spending Plan
Values
21
Which is not a source of income?
Allowance
Paycheck
Interest paid on a loan
Interest earned on an account
22
The T in SMART goals means:
Trust
Term
True
Time-bound
23
Netflix
Variable Expense
Periodic Expense
Income
Fixed Expense
24
The S in SMART goal means:
Self
Specific
Smart
Systematic
25
Things that are essential to your health and security
PYF
Needs
Wants
Values
26
Rent
Periodic Expense
Variable Expense
Fixed Expense
Income
27
Which of the following is not a step in the DECIDE process?
Establish your criteria
Define your goal
All of the above are part of the DECIDE process
Decide what’s best
28
Utilities
Income
Periodic Expense
Fixed Expense
Variable Expense
29
Cell phone bill
Periodic Expense
Variable Expense
Fixed Expense
Income
30
Interest from Savings
Periodic Expense
Fixed Expense
Income
Variable Expense
31
PYF means
Place your funds
Pay your friends
Price your finds
Pay yourself first
32
The desire to experience fulfillment without delay
Instant Gratification
Values
Delayed Gratification
PYF
33
Things that cost the same each time
Income
Fixed Expenses
Variable Expenses
Periodic Expenses
34
The M in SMART goals means:
Me
Measurable
Meaningful
Milestone
35
Goals that will be achieved in three months to a year
Middle goal
Long-term goal
Medium-term goal
Short-term goal
36
The money you receive
Variable Expenses
Fixed Expenses
Periodic Expenses
Income
37
Goals that will take longer than a year to be achieved
Short-Term Goal
Immediate Goal
Long-Term Goal
Medium-Term Goal
38
The ability to resist the temptation for an immediate reward and wait for a later reward
Delayed Gratification
Cash Flow
Instant Gratification
Opportunity Cost
39
Goals that will be achieved in up to three months
Long-term goal
Middle-term goal
Short-term goal
Values
40
Prom
Fixed Expense
Periodic Expense
Income
Variable Expense
