AGLS EXAM 1 Review - Notes Flashcards
What are the three challenges students face when it comes to stress level?
Financial security, basic needs security, and student loans.
What is financial security?
Surviving on narrow financial margins (leads to academic disruptions.
What is basic needs security?
Struggling to have food, she,term transportation, healthcare, etc.
What is student loans?
Piecing together money from a variety of sources (grants, family, income, savings, and loans)
Money can be more stressful than?
Work, relationships, health problems affect family, and personal safety
What are common symptoms of stress?
Anxiety, fatigue, stomach pains, insomnia, and shingles
What is the path to financial well-being?
Financial skill (find and process relevant info) financial behavior (securing your finances) financial situation (objective facts of your finances) and leads to financial well being
What is the definition of financial well being?
The ability to meet current and ongoing financial obligations, feel secure
What are the 4 elements of financial well-being?
Security (present,future) and freedom of choice (present, future)
What is security present?
Budgeting to control over your day to day or month to month finances
What is security future?
Capacity to absorb a financial shock. Financial goal
What is freedom of choice in present time?
Financial freedom to make choices to enjoy life (wealth)
What is freedom of choice in the future?
On track to meet your financial goals.
What is the financial planning process?
- Asses your wealth, 2. Set financial goal, 3. Budget income and expenses
Wealth (net worth)
Assets - Liabilities
What you own - what you owe
What is considered an Asset that is tangible?
Car and house
What is considered an asset that is intangible?
Bank accounts and 401K
What is considered a current liability
Credit card
What is considered a long term liability
Student loan, home loan, and auto loan
What are 3 financial goal durations
Short term (current debt) less than 1 year
Intermediate (1 to 10 years)
Long term - (more than 10 years)
What is inflation?
An economic condition in which rising prices reduce the purchasing power of money (2%)
What is the term S M A R T ?
S - specific (what do you want *4 w)
M - measurable (track progress & check when accomplished)
A - attainable (is it capable of being done)
R - Relevant (is it necessary)
T - timely (the time frame of when you want it complete)
Has household income gone up or down following the Great Recession?
Resumed growing
Has household wealth recovered or hurt from the Great Recession?
Yet to recover
Net income equals
Income - expenses
What is a plan for controlling your cash inflows and outflows?
Budget
What tells you where your money has come from and where it has gone?
Income statement
What enables you to measure your wealth?
Balance sheet
The expense are considered fixed income?
Rent, auto loan, and utilities
The expenses that are considered variable income?
Fuel, food, textbooks
Three budgeting tools/methods
- Track your actual income (50-30-20)
- Track your actual expenses (envelope method)
- Calculate your net income - min.t come
What is the latte factor?
Any unnecessary, repeated expenditure. A latte spumed is fortune earned.
What are some dining out Apps?
Safe 2 save, Taste Bud, Hooked, Pocket Points
3 characteristics of an individual’s eating philosophy
- Small incremental changes that are realistic
- Be consistent over the long-run to provide the greatest impact
- Establishing disciplines and habits
What are three factors of food preparation?
- Schedule (plan ahead, doing for the day)
- Location (when and where do you want to eat. Reheat)
- Time (plan ahead, will you sit down or get it to go)
What are two food planning Apps?
Tasty, Yummly
What is tasty?
Over 1 million recipes, creates a grocery list from meals chosen
What is Yummly?
Provides recipe & cooking instructions; instantly adds ingredients to cart
To what percentage should you try to limit your food budget of your overall monthly budget?
10-15%
What is the 12th can?
Student run food pantry
What is the Brazos Valley Food Bank?
Food is stored and provided free of charge to community members
What is the Salvation Army?
Provides nutritious meals to literally anyone in need
What is the supplemental nutrition assistant program?
Government benefits to help pay for groceries (food stamps)
