Strand 1 Sources of Income
Strand 2 Financial Goals
Strand 3 Financial Roles
Strand 4 Money Management
Strand 5 Financial Implication
100

Name examples of income

wages, commission, investment income, inheritance, and gifts.

100

How does cultural, social, and emotional influences affect financial decisions? 

your attitude and behavior, it can influence how we otherwise wouldn't spend if it were just up to us. 

100
What is financial infideltiy? 

Hiding finances or purchases from partner

100

What are fixed expenses? 

recurring payments each month, example mortage, cell phone, 

100

What are some important financial topics to discuss in a relationship to determine financial compatibility? 

savings, children, living situation, vacations, aptitude about credit, spending, savings, etc. 

200

What are the risks of entrepreneurship/self-employment? 

Higher taxes, no benefits, no holiday/sick pay, inconsistent income, potential faliure, less security. 

200

What is scarrcity?

The demand for a good or service

200

What are money scripts? 

Unconscious beliefs about money. They are rooted in our childhood and shapte our financial health. 

200

What are variable/flex expenses in a budget? 

Monthly expense that can vary month to month. Example food, travel, gas, etc. 

200

What are some ways couples blend finances? 

prenuptial agreement, postnuptial agreement, joint funds. 

300

What are the rewards for entrepreneurship/self-employment? 

Earning potential, choose who you work with, decide your own hours, be your own boss, more control of your income. 

300

Define Instant satisfaction in purchasing 

Impulse buying 

300

What are money/financial biases? 

when people make financial choices based off of learned approaches

300

What things can you do to save money? 

comparison shopping, delayed gratification, self regulation. 

300

How does divorce affect one's finances? 

They have less income and have to decrease thier standard of living. They now have to split assests and debts between the spouses. 

400

What type of skills are needed in the finance industry within SAVINGS?

Hard Skills: Risk management, analytical skills, 

Soft Skills: problem solving, personal management, interpersonal skills, 

400

Define Delayed gratification in spending

Planned expenditure

400
When would be a good time to have a difficult financial conversation? 

When you get more serious and start paying for things together. Earlier than later, NOT on the first date. 

400

What is the main difference between name brand and store brand items? 

Name brand is heavily marketed and sold all around the world. Store brand is manufactured and sold directly to the store, less advertising. 

400

What is custody? 

The guardianship of someone or something. 

500

What type of workplace skills are needed for someone working in the INVESTING financial industry? 

Math skills, industry experience, awareness of global current events, communication skills. 

500

How does scarcity of financial resources effect our wants and needs? 

The less money we have, we are forced to just buy what we need. 

500
What could be some root causes of money disagreements? 

Financial Infidelity, debt, attitude toward money, financial priorities. 

500

What steps do you take to purchase a large ticket item? 

Find compareable items, look at prices, features, quality, ratings, warranties. 

500

What is child support? 

Court ordered payments that the noncustodial parent must pay the to the custodian. Helps pay for childs basic needs. 

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