AGLS EXAM 1 Review - Notes

Question 1

What are the three challenges students face when it comes to stress level?

Answer 1

Financial security, basic needs security, and student loans.

Question 2

What is financial security?

Answer 2

Surviving on narrow financial margins (leads to academic disruptions.

Question 3

What is basic needs security?

Answer 3

Struggling to have food, she,term transportation, healthcare, etc.

Question 4

What is student loans?

Answer 4

Piecing together money from a variety of sources (grants, family, income, savings, and loans)

Question 5

Money can be more stressful than?

Answer 5

Work, relationships, health problems affect family, and personal safety

Question 6

What are common symptoms of stress?

Answer 6

Anxiety, fatigue, stomach pains, insomnia, and shingles

Question 7

What is the path to financial well-being?

Answer 7

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

Question 8

What is the definition of financial well being?

Answer 8

The ability to meet current and ongoing financial obligations, feel secure

Question 9

What are the 4 elements of financial well-being?

Answer 9

Security (present,future) and freedom of choice (present, future)

Question 10

What is security present?

Answer 10

Budgeting to control over your day to day or month to month finances

Question 11

What is security future?

Answer 11

Capacity to absorb a financial shock. Financial goal

Question 12

What is freedom of choice in present time?

Answer 12

Financial freedom to make choices to enjoy life (wealth)

Question 13

What is freedom of choice in the future?

Answer 13

On track to meet your financial goals.

Question 14

What is the financial planning process?

Answer 14

1. Asses your wealth, 2. Set financial goal, 3. Budget income and expenses

Question 15

Wealth (net worth)

Answer 15

Assets - Liabilities

What you own - what you owe

Question 16

What is considered an Asset that is tangible?

Answer 16

Car and house

Question 17

What is considered an asset that is intangible?

Answer 17

Bank accounts and 401K

Question 18

What is considered a current liability

Answer 18

Credit card

Question 19

What is considered a long term liability

Answer 19

Student loan, home loan, and auto loan

Question 20

What are 3 financial goal durations

Answer 20

Short term (current debt) less than 1 year
Intermediate (1 to 10 years)
Long term - (more than 10 years)

Question 21

What is inflation?

Answer 21

An economic condition in which rising prices reduce the purchasing power of money (2%)

Question 22

What is the term S M A R T ?

Answer 22

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)

Question 23

Has household income gone up or down following the Great Recession?

Answer 23

Resumed growing

Question 24

Has household wealth recovered or hurt from the Great Recession?

Answer 24

Yet to recover

Question 25

Net income equals

Answer 25

Income - expenses

Question 26

What is a plan for controlling your cash inflows and outflows?

Answer 26

Budget

Question 27

What tells you where your money has come from and where it has gone?

Answer 27

Income statement

Question 28

What enables you to measure your wealth?

Answer 28

Balance sheet

Question 29

The expense are considered fixed income?

Answer 29

Rent, auto loan, and utilities

Question 30

The expenses that are considered variable income?

Answer 30

Fuel, food, textbooks

Question 31

Three budgeting tools/methods

Answer 31

1. Track your actual income (50-30-20)
2. Track your actual expenses (envelope method)
3. Calculate your net income - min.t come

Question 32

What is the latte factor?

Answer 32

Any unnecessary, repeated expenditure. A latte spumed is fortune earned.

Question 33

What are some dining out Apps?

Answer 33

Safe 2 save, Taste Bud, Hooked, Pocket Points

Question 34

3 characteristics of an individual’s eating philosophy

Answer 34

1. Small incremental changes that are realistic
2. Be consistent over the long-run to provide the greatest impact
3. Establishing disciplines and habits

Question 35

What are three factors of food preparation?

Answer 35

1. Schedule (plan ahead, doing for the day)
2. Location (when and where do you want to eat. Reheat)
3. Time (plan ahead, will you sit down or get it to go)

Question 36

What are two food planning Apps?

Answer 36

Tasty, Yummly

Question 37

What is tasty?

Answer 37

Over 1 million recipes, creates a grocery list from meals chosen

Question 38

What is Yummly?

Answer 38

Provides recipe & cooking instructions; instantly adds ingredients to cart

Question 39

To what percentage should you try to limit your food budget of your overall monthly budget?

Answer 39

10-15%

Question 40

What is the 12th can?

Answer 40

Student run food pantry

Question 41

What is the Brazos Valley Food Bank?

Answer 41

Food is stored and provided free of charge to community members

Question 42

What is the Salvation Army?

Answer 42

Provides nutritious meals to literally anyone in need

Question 43

What is the supplemental nutrition assistant program?

Answer 43

Government benefits to help pay for groceries (food stamps)