Review 1
The money that you take in and have available to spend
What is income?
Creating a to-do list keeps track of task that need to be accomplished and helps make sure you get them done. true or false
What is true? A to-do list will help you stay on track to complete tasks.
Purchasing items that you want before what you actually need is an example of financial discipline? true or false?
What is false- a financially disciplined person will always make sure that needs are met before wants.
When prioritizing task what three things should you think of when making a to-do list?
what must be done? What should be done? and what you hope to do.
Car insurance, loan payments, and utility bills are examples of which expense type?
What is ficed?
Trying to accomplish too many things
What is overscheduling?
Always saying yes will help you to manage your time efficiently. True or False
What is false- sometimes you must say no to avoid overscheduling yourself.
Having a budget will make you more likely to overspend and be unable to save money. True or false.
What is false-. Having a budget should make spending and saving easier.
Completing unpleasant tasks last will help you to avoid procrastinating. True or false?
What is false-. doing unpleasant tasks first will help you to avoid procrastination.
The purpose of a budget is only to help you track your spending. True or false?
False- a budget helps you plan both spending and saving.
What is a budget?
Setting realistic goals usually helps motivate individuals to achieve it. true or false
What is true. If an impossible or unrealistic goal is set it seems unreachable and we often give up.
Name two common time traps
procrastination and overscheduling
Doing each individual task that you have on your to-do list separately will help save you time. True or false.
What is false-. Dovetailing tasks can help to same time.
Clothing, shoes, and spending for entertainment are which type of expenses?
What are flexible expenses?
Items that you spend your money on
What are expenses?
Planning for leisure time should be considered when planning your schedule. True or False?
What is true. Leisure time is important for an individual's mental health and work should not consume a person's entire life.
What should you do when an item on your to-do list seems so big that it feels overwhelming
What is break the task into smaller pieces to make it more manageable?
Overlapping activities in order to save time.
What is dovetailing?
In order to be financially smart, you must know your own attitude toward spending. True or false.
True-you must recognize your own behaviors as they relate to money and spending.
The time or date by which a task must be completed
What is a deadline?
What is true.
Fixed expenses are expenses that vary in amount and you do not have to pay them regularly. True or false.
False- flexible expenses vary in amount and do bot have to be paid regularly.
A person with the mentality that you only live once is likely to be a wise spender and save lots of money. True or false.
False- these people usually spend a lot and save little.
Creating this type of list helps you keep track of your responsibilities and goals.
What is a to-do list.