SMART GOALS
Terms
Terms 2
Business Cycle
Financial Planning Process
100
What does the S in SMART goals stand for?
Specific
100
What is a reward of effective financial planning?
(1 of 4 options from the notes)
•Greater flexibility,
•An improved standard of living,
•Wise spending habits, and
•Increased wealth.
100
What is a short term goal?
within the next year. (or 12 months)
100
What is the FIRST stage of the business cycle?
Expansion
100
What is Step 1 of the financial planning process?
Define Financial Goals
200
What does the M in SMART Goals stand for?
Measurable
200
What does "monetary" mean?
relating to money or currency
200
What is an intermediate-term goal?
2-5 years
200
What is the SECOND stage of the business cycle
Peak
200
What is step 2 of the financial planning process?
Develop financial plans and strategies to achieve goals.
300
What does the A in SMART Goals stand for?
Attainable
300
What is inflation?
A general increase in prices and fall in the purchasing value of money.
300
What is a long-term goal?
6 years or more
300
What is the THIRD stage of the business cycle?
Contraction
300
What is step 2 of the financial planning process?
Implement financial plans and strategies
400
What does the R in SMART Goals stand for?
Realistic
400
What is the key to attaining long term wealth?
(Margin note, Said by Mr. Hoatson)
To live beneath your means.
400
What is the term describing the necessities, comforts, and luxuries enjoyed or desired by an individual or family?
standard of living
400
What is the FOURTH stage of the business Cycle?
Trough
400
What is step 4 of the financial planning process.
Periodically develop and implement budgets to monitor and control progress toward goals.
500
What does the T in SMART Goals stand for?
Timely
500
What does "propensity to consume" mean?
The percentage of each dollar of income, on average, that you spend on current needs rather than saving.
500
What is the organizational planning model?
500
What does the four stages of the business cycle portray?
Trends
500
What is the step 5 in the financial planning process?
Use financial statements to evaluate results of plans and budgets, taking correction action as required.
600
What is step 6 of the financial planning process?
Redefine goals and revise plans and strategies as personal circumstances change.