Vocab

Question 0

Needs

Answer 0

Things we must have to survive

Question 1

Financial Planning

Answer 1

The process of setting spending priorities, defining goals, and developing a plan to achieve them, and then putting the plan into action

Question 2

Wants

Answer 2

Things that make life more interesting and fun, but that people can live without

Question 3

Values

Answer 3

The beliefs, qualities, or standards that you consider important or desirable

Question 4

Goal

Answer 4

Something a person wants or needs to do

Question 5

Short Term Goals

Answer 5

Achieved within the next 3 months

Question 6

Intermediate term goals

Answer 6

Goal set for 3 months to a year

Question 7

Long Term Goals

Answer 7

Goal that will take more than a year to achieve

Question 8

Delayed Gratification

Answer 8

The willingness to give up something you want now in order to get something better in future

Question 9

Cash flow

Answer 9

Movement of the money you receive and the money you spend

Question 10

Opportunity cost

Answer 10

The value of what is given up and when you choose one option over another

Question 11

Satellite decisions

Answer 11

Smaller decisions that can result from a major decision