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ADMS 4508 > Midterm Review > Flashcards

Midterm Review Flashcards

1
Q

Exterior Finance

A

Includes the mechanics of money

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2
Q

Interior Finance

A

Describes how clients relate to money emotionally

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3
Q

Other words for interior finance?

A

Life Planning, Financial Life, Planning, or Financial Planning Done Well

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4
Q

What does interior future include?

A

Dreams and authentic goals

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5
Q

What is interior present?

A

Living authentically with awareness

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6
Q

What does interior past consist of?

A

Beliefs, feelings, and stories

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7
Q

What does FCAC stand for?

A

Financial Consumer Agency of Canada

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8
Q

5 Core Components of Financial Well-Being

A

Financial Behaviors
Economic Factors
Psychological Factors
Social Factors
Knowledge & Experience Factors

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9
Q

Overall Financial Well-Being Score Components

A

Meeting Commitments
Feeling Financially Comfortable
Resilience for the Future

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10
Q

True or False - Financial well-being has a stronger relation to behaviors than economic factors

A

True

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11
Q

True or False - Canadians that actively save have higher levels of financial well-being than those with similar incomes who don’t

A

True

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12
Q

What variable was the most strongly associated with higher financial well-being for the “struggling somewhat” group?

A

Not borrowing for daily expense

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13
Q

True or False - Research shows that financial education rarely works

A

True

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14
Q

Values

A

What a person finds to be important and wants to be doing with his or her life

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15
Q

Can values be achieved?

A

No

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16
Q

Wheel of Life Components

A

Career
Family and Friends
Significant Other/Romance
Fun and Recreation
Health
Money
Personal Growth
Physical Environment

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17
Q

Life Satisfaction

A

Refers to a person’s thoughts about his or her life

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18
Q

How is life satisfaction measured?

A

By the Cantril Ladder

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19
Q

Doubling your income will increase your life satisfaction by ___ on a __-point scale

A

0.5 & 10

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20
Q

Emotional Well-Being

A

Refers to the emotional quality of an individual’s everyday experience

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21
Q

Additional Income about _______ had no relationship with how parents felt

A

$75,000 ($80,000 inflation adj.)

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22
Q

Additional income above _______ had no relationship with how people felt

A

$40,000 ($50,000 inflation adj.)

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23
Q

What has the strongest relationship with income?

A

Life satisfaction

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24
Q

Hedonic Treadmill

A

Humans have a tendency to return to a relatively stable level of happiness despite changes in their circumstances

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25
Q

Who created the Hedonic Treadmill Theory?

A

Dr. Thomas Gilovich

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26
Q

8 Principles to Spend Happier

A
  1. Buy experiences
  2. Help others
  3. Buy small pleasures
  4. Buy less unnecessary insurance
  5. Pay now and consume later
  6. Think about what you’re NOT thinking of
  7. Beware of comparison shopping
  8. Following the herd
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27
Q

Future Anhedonia

A

Believing that our emotional responses will be less intense in the future than in the present

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28
Q

Study using magnetic resonance imaging - participants who were given an opportunity to donate money showed activity in the areas of their brains associated with _________ _______

A

Receiving rewards

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29
Q

True or False - There are no studies to date that contradict the finding that emotional well-being does not increase above $75,000

A

False

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30
Q

Why is there a weak relationship between income and happiness?

A

More Money = More Hours
More Hours = More Stress
More Money = More Adaptation

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31
Q

True or False - People whose main goal require earning money are less satisfied with their lives on average

A

True

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32
Q

True or False - The farther away an experience lies in time, the more abstractly we tend to think about it

A

True

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33
Q

How and when was the modern day credit card born?

A

In 1949, a wealthy business didn’t have cash to pay at a restaurant and was mortified when his wife had to pay

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34
Q

True or False - Humans are the most social animals on the planet

A

True

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35
Q

True or False - Humans are the animals whose complex social networks include unrelated people

A

True

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36
Q

4 Questioning Techniques

A
  1. Open-ended
  2. Closed-ended
  3. Leading questions
  4. Deeper dive
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37
Q

Open-ended Questions

A

When, why, who, how, tell me, where, what

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38
Q

Most accurate questioning technique

A

Open-ended

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39
Q

Closed-ended

A

Are you, do you, is this, is that

Yes or No Answers

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40
Q

Least accurate questioning technique

A

Closed-ended

41
Q

Question Transformation

A

Process of turning an open-ended question into a closed-ended question

42
Q

Leading Question

A

Guiding the client towards a particular answer

43
Q

Deeper Dive

A

Tell me more…..

44
Q

2 Components to Deeper Dive Question

A

Projective & Implied

45
Q

Projective (Deeper Dive)

A

What if? If you? What would?

46
Q

Implied (Deeper Dive)

A

I wonder if….

You must….

47
Q

3 Components of Listening

A
  1. Paying attention
  2. Paying attention to what is heard
  3. Interpreting what is heard
48
Q

Components of paying attention to the client

A
  1. Eye Contact
  2. Appropriate body language
  3. Voice Mannerisms
49
Q

How much eye contact should you make?

A

70%

50
Q

Types of Body Language

A

Kinesics & Proxemics

51
Q

Kinesics

A

Physical movement of body

52
Q

Proxemics

A

The space or other environmental variables

53
Q

Voice Mannerism Techniques

A

Pacing & Mirroring

54
Q

Mirroring

A

Adapt to client’s change in tone or volume

55
Q

Transference

A

A client’s feelings and communication patterns are affected by unfinished business

55
Q

Two components of “paying attention to what is heard”

A

Situational Awareness & Verbal Tracking

56
Q

Countertransference

A

A planner’s feelings and communication patterns affected by unfinished business

57
Q

Financial Socialization

A

Learning and adopting the beliefs, attitudes, values, and behaviors needed for financial health and personal well-being.

58
Q

Financial decisions are impacted by _________

A

Attitudes

59
Q

Attitudes are impacted by?

A

Family
Culture
Gender
Socioeconomic Status

60
Q

Family Systems Theory

A

All members of the family are connected and a change in one member affects the whole family

61
Q

Emotional Cutoff

A

Severing of emotional contact with family members to manage unresolved emotional issues

62
Q

Societal Emotional Process

A

Regulates individual behavior on a societal level

63
Q

Social Learning Theory

A

Behaviors are learned through observation

64
Q

Implicit Learning

A

Observations

65
Q

Explicit Learning

A

Direct instructions

66
Q

Money Genogram

A

Family tree that identifies the money scripts of members

67
Q

KMSI

A

Klontz Money Script Inventory

68
Q

Money Scripts

A

Underlying assumptions or beliefs about money that are partially true and developed in childhood and unconsciously followed through childhood

69
Q

Money Scripts are associated with:

A

Net Worth
Income
Debt
Socioeconomic status in childhood
Financial Behaviors

70
Q

4 Money Scripts

A
  1. Money Avoidance
  2. Money Worship
  3. Money Status
  4. Money Vigilance
71
Q

Money Avoidance

A

Avoid dealing with money while rejecting personal responsibility for one’s own financial health

72
Q

Money Worship

A

Believe that money = happiness

73
Q

Money Status

A

Believe that net worth = self worth

74
Q

Money Vigilence

A

Watchful, alert, and concerned about their finances

75
Q

Most important financial socialization agents for individuals are?

A

Parents

76
Q

Money disorders of compulsive buying, financial dependence, and financial denial are associated with?

A

Lower income

77
Q

People who do not know their net worth consistently score higher for _____ _________ scripts than those with lower levels of ____-________ net worth

A

Money avoidance & Self reported

78
Q

Three Core Styles

A
  1. Individualist
  2. Collective Harmony
  3. Honor
79
Q

Individualist Culture Demography

A

Western

80
Q

How is trust built in individualist culture

A

Between individuals

81
Q

Individualist Culture Communication

A

Direct, assertive, clear and engaged

82
Q

Men and Women in Individualist Culture are?

A

Equal

83
Q

Values in Individualist Culture

A

Openness, transparency, and directness

84
Q

Collective Harmony Culture demography

A

Eastern culture

85
Q

Values in collective harmony culture

A

Loyalty, obligation, heritage, respect for elders

86
Q

Relationship types in collective harmony culture

A

Hierarchical

87
Q

Communication type in collective harmony culture

A

Subtle, indirect, and diplomatic

88
Q

True or false, collective harmony culture do not avoid conflict and direct confrontation

A

False

89
Q

Honor Culture demography

A

LATAM, Mediterranean, India, Middle East

90
Q

How is trust built in honor culture

A

Slowly

91
Q

What is important in honor culture?

A

Connections

92
Q

Are men and women treated the same in honor culture?

A

No

93
Q

Communication style in honor culture

A

Expressive and dramatic

94
Q

Relationship types in honor culture

A

Hierarchical

95
Q

How many % of financial planners are white?

A

80%

96
Q

7 Steps to Culturally Responsive Financial Therapy

A
  • Know your culture
  • Recognize your privilege
  • Demonstrate respect
  • Distinguish between internal and external parts of a problem
  • Validate oppressive experiences
  • Do not challenge core culture beliefs
97
Q

ADDRESSING Acronomyn

A

Age

Development

Disabilities

Religion

Ethnic

Socioeconomic status

Sexual orientation

Indigenous heritage

National origin

Gender

ADMS 4508 (1 decks)

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