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Personal Finance > First Semester > Flashcards

First Semester Flashcards

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1
Q

What is the management of money and financial decisions for a person or family including budgeting,investments, retirement planning?

A

Personal finance

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2
Q

What is an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity?

A

Fixed expenses

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3
Q

What is a cost that can change depending on your use of the product or services?

A

Variable expense

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4
Q

What is an itemized summary of likely income and expenses for a set period of time?

A

Budget

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5
Q

What are reasons to develop a budget?

A

Eye on the prize, ensures your don’t spend money you don’t have, happy retirement, prepare for emergencies, allows you to see your bad spending habits

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6
Q

Where do you start when making a budget?

A

Look at how much you make and track daily expenses

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7
Q

What is the process of setting goals and developing ways to achieve goals to make dreams become reality and provide financial security for the future?

A

Financial planning

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8
Q

What is an objective that is expressed in or based upon money?

A

Financial target

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9
Q

What three time frames is financial target split into?

A

Short, medium, long term goals

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10
Q

What are the number of years for each type of goal?

A

Short-less than 1 year
Medium- 1-5 years
Long- more than 5 years

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11
Q

What is the condition of having resources to support a standard of living now and in the future?

A

Financial security

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12
Q

What two categories is need split into?

A

Essential and near essential

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13
Q

What is something you desire or would like

A

Want

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14
Q

What is something you must have to survive?

A

Basic need

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15
Q

What is a negative outcome the decision maker identifies?

A

Cost

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16
Q

What is a positive outcome the decision maker identifies?

A

Benefits

17
Q

What does the S stand for in SMART?

A

Specific-what you want to achieve

18
Q

What does the M in SMART stand for?

A

Measurable-specific value to your goal

19
Q

What does the A in SMART stand for?

A

Attainable- makes goal reasonable to achieve using skills you have available

20
Q

What does the R stand for in SMART?

A

Realistic- set goals that are doable

21
Q

What does the T stand for in SMART?

A

Timely- set a time frame

22
Q

What is the knowledge, skills, and training people possess?

A

Human capital

23
Q

What are five ways to pay for college?

A

Scholarships, grants, work study, savings, student loans

24
Q

What helps people determine activities that they enjoy and provides them with a high level of satisfaction when they are engaged in activities?

A

Interest inventory

25
Q

What is the assist with the identification of specific attitudes and abilities a person may possess which can be applied to a career and or hobby?

A

Skills inventory

26
Q

These people can work with things they can see and touch

A

Realistic

27
Q

These people enjoy creative activities or repetitive activities

A

Artistic

28
Q

These people like to study and solve math and science problems; leading, selling, or persuading people

A

Investigative

29
Q

These people enjoy working, communicating, and teaching people

A

Social

30
Q

These people like to lead and persuade people and sell things and ideas; avoid activities that require careful observation

A

Enterprising

31
Q

These people enjoy established order and methodology, are skilled at organizing and executing detailed tasks, do not enjoy risks and can calculate risk and how it will affect a business

A

Conventional

32
Q

These people are result oriented and allow employers to use their strongest capabilities giving a feeling of accomplishment

A

Achievement

Personal Finance (1 decks)

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