Needs/Wants
This is something you have to have to survive.
What is a Need?
The S in SMART stands for what?
What is specific?
What term is defined as: Expenses that stay the same from month to month
What is fixed expenses?
What is a planning tool that helps you keep track of the money you spend?
Which of the following habits is sensible:
1. Stopping for McDonald's Breakfast every morning.
2. Placing 5% of every paycheck into an investment
What is placing 5% of every paycheck into an investment?
This is something not necessary for survival, but can improve your quality of life.
What is a Want?
The R in SMART stands for what?
What is relevant or realistic?
What term is defined as: Expenses that change from month to month.
What is variable expenses?
Other then an individual or family can you name another entity or thing that uses a budget?
Schools, Businesses, Movie Studios, Sports Teams
Name a factor that either influences you or could influence you on how to spend money?
Values, Peers, Habits, Feelings, Family, Marketing, Age
Is the following item a need or want: Gasoline
What is a need?
Is the following a SMART Goal: I want to lose 5 pounds.
No
What term is defined as: all the money you make after taxes/deductions.
What is net income?
When should you budget?
When you have a change in income or you anticipate new savings/spending.
What term is defined as: The beliefs and practices in life that are very important to you.
What is a value?
Name all 3 of the basics needs that everyone has to have.
What is food, shelter, and clothing?
Is the following a SMART goal: I will save 10% of every paycheck from now until February 1, 2019.
Yes
What term is defined as: Any money you earn/receive.
What is income?
For people who don't budget they spend up to what?
What is income?
If I have a monthly income of $1350 dollars how much should I spend on savings/investments according to the 50,30,20 rule?
What is $270?
Can you name an item that could be considered both a need or a want? You will also need to state why that is.
Cell Phone, Internet, Computer, are some examples
Is the following a SMART Goal: I will attain an accounting job by the end of next month.
No
What term is defined as: Taking a certain amount of your paycheck and saving it to be used for longer-term goals
What is pay yourself first?
If I have a yearly income (after taxes) of $23000. How much a month should I spend on wants using the 50,30,20 rule?
What is $575.00?
Other then employment name 1 of the 3 other basic ways you can earn money?
What is self employment, owning a business, or investment?