Goals & Planning
Goals that take days to one year are called these.
What are short-range goals?
This type of budget lasts 13 weeks in the merit badge.
What is a 13-week budget?
This is ownership in a company.
What is a stock?
Borrowed money that must be repaid with interest is called this.
What is a loan?
A ranked list of tasks is called this.
What is a prioritized to-do list?
Goals that take years to achieve fall into this category.
What are long-range goals?
When income is greater than expenses, this is what you should do with the extra money.
What is save or invest it?
A fund that pools money from many investors is called this.
What is a mutual fund?
The real yearly cost of borrowing, including fees, is called this.
What is APR?
This tool helps you block out time for school, chores, and activities.
What is a calendar?
This is required to turn a dream into a plan.
What is writing down a goal?
This type of bank account is best for everyday spending.
What is a checking account?
This investment has low risk and fixed returns for a set period.
What is a CD (certificate of deposit)?
This type of card pulls money directly from your bank account.
What is a debit card?
Writing down what you do each day for a week is called this.
What is a daily diary?
A detailed outline including tasks, timeline, and resources is called this.
What is a project plan?
This habit means putting money away before spending it.
What is “pay yourself first”?
Earning interest on both your original money and past interest is called this.
What is compound interest?
This score ranges from 300–850 and reflects your creditworthiness.
What is a credit score?
This is the process of reviewing what worked and what didn’t.
What is reflection?
Personal management means doing this with your life.
What is taking control of your life?
The idea that small savings grow over time is called this.
What is compounding?
Spreading money across different investments to reduce risk is called this.
What is diversification?
A strategy that pays off highest-interest debt first is called this.
What is the avalanche method?
Scheduling extra time because tasks take longer than expected is called this.
What is building a buffer?