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CFM > financial decisions, and goals > Flashcards

financial decisions, and goals Flashcards

1
Q

goods or services that are required for survival

A

needs

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2
Q

the value of the next best alternative that must be forgone as a result of a decision

A

opportunity cost

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3
Q

giving up one thing for another

A

trade-off

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4
Q

a fundamental belief or practice abt what is desirable, worthwhile, and important to an individual

A

valie

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5
Q

the desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

A

want

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6
Q

feeling good abt one’s life

A

well-being

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7
Q

taking care of your body

A

physical well-being

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8
Q

gaining and using knowledge

A

intellectual well-being

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9
Q

having a network of friends and family

A

social well-being

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10
Q

how you feel

A

emotional well-being

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11
Q

your financial outlook

A

financial well-beint

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12
Q

specific objectives that are accomplished through financial planning

A

financial goals

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13
Q

managing money to continuously through life in order to reach your financial goals

A

financial planning

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14
Q

something a person intends to acquire, achieve, or accomplish in the future

A

goal

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15
Q

a goal that will be attained in more than one year

A

long-term goal

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16
Q

a goal that will be attained in less than one year

A

short-term goal

17
Q

state exactly what is to be done with the money involved

A

specific in SMART goals

18
Q

write the exact dollar amount

A

measurable in SMART GOALS

19
Q

create a step-by-step plan outlining exactly how the goal can be reached

A

attainable in SMART goals

20
Q

think through the trade-offs and opportunity cost to analyze the consequences of your goal to make sure it isn’t unattainable

A

realistic in SMART goals

21
Q

specifically state when the goal will be reached

A

time bound in SMART goals

CFM (2 decks)

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