Foundation and Goal Setting
An Essential item required for basic survival, such as food and shelter is?
A targeted liquid reserve set aside exclusively for unexpected financial shocks
What is an emergency fund
BONUS: Give an example
Making an unplanned and spontaneous purchase driven by emotion or immediate urge is called?
What is Impulse buying
A written plan outlining expected income and planned expenses over a specific timeframe is called?
What is a budget
Personal beliefs and principles that guide an individual's financial choices and life decisions are what?
What are values
What is scarcity?
What is Net Worth?
Overall financial standing, calculated by taking total assets minus total liabilities
BONUS: Give an example (Plus 200 points)
Define a social pressure when it comes to spending money
Influencing someone to buy something they don't want or need.
Buying and selling of goods or services electronically over the internet?
A) Crypto
B) What they do on wall street
C) E-Commerce
What is E-Commerce
Non-essential items required for basic survival but that enhance life quality are?
What are Wants
Define Liability
What is a financial obligation, debt or money owed to another individual?
A written guarantee from a manufacturer pledging to repair or replace a product within a specified timeframe is called a what?
What is a warranty
What is the movement of money coming into a household as earnings and going out as expenses?
A) Adulting
B) Cash Flow
C) Budgeting
D) Unnecessary
what is cash flow
Any physical item, good, or intangible service offered to a market to satisfy a consumer's want or need is called a?
A goal intended to be accomplished within a timeframe of 1 to 5 years is a?
What is a medium term goal
Liquid cash or near cash holdings that can be readily converted without loss of value is what?
What is monetary asset
The value of the next best alternative given up when making a choice is called?
A) Delayed Gratification
B) Opportunity Cost
C) Liability
D) IDK
Preparing legal arrangements for the management and transfer of assets upon death or incapacitation is called?
A) Getting Old
B) Dependency
C) Writing a Will
D) Estate Planning
What is Estate Planning
The level of wealth, comfort, or material goods available to a socioeconomic class or geographic area.
What does the Phrase SMART goal stand for?
S- Specific
M- Measurable
A- Achievable
R- Relevant
T- Time Bound
When a person's net worth calculation shows that their total liabilities are greater than their total assets, what type of net worth do they have?
A) Positive
B) Neutral
C) Bad
D) Negative
What is D, negative
Resisting an immediate reward to secure a better benefit in the future is called what?
A) STUPID
B) Social Pressure
C) Delayed Gratification
D) Warranty
What is C Delayed Gratification
Why is it important for you to have a will once you have assets and liability?
DOUBLE POINT QUESTION:
When creating a personal budget or making consumer choices, distinguishing between these two concepts is critical to ensuring basic survival needs are met before allocating toward desires.
MUST GIVE ONE EXAMPLE
What are needs and wants