Show:
The Good Life
Make a Plan
It's the Economy
Money Money Money
100
An individual's quality of life is closely tied to his or her what?

Standard of living

100

What does financial planning help increase? (Hint, this is the term for things an individual owns)

Assets

100

Give an example of consuming.

Buying a car

100

What's the term that describes something we owe?

Liability

200

This term is defined as the necessities, comforts, and luxuries desired by an individual or family.

Standard of Living

200

What is the fund that would help an individual survive in a financial crisis?

An emergency fund

200

What is an example of a liquid asset?

Savings account, checking account, cash

200

This is the net value of all the items that an individual owns.

Wealth

300

What typically happens to income during the ages of 65 to 80?

It decreases

300

What type of goal are you setting if you plan to achieve it in the next four months?

Short-term goal

300

What typically happens to the value of retirement accounts during an economic recession?

They decrease in value

300

What type of assets are held for the returns they promise?

Investment/Earning Assets

400

What is viewed as the key determinant of quality of life?

Wealth

400

Which types of goals should you typically set first?

Long-term goals

400

Ideally you should limit your spending to what percent of your income?

80%
400

Land is an example of what type of property?

Real property

500
If Amanda makes $50,000 a year and spends $45,000 a year, what is her average propensity to consume?

90%

500

What term describes the process of considering how our wealth can be most effectively passed on to your heirs?

Estate planning

500

Name the three key groups in the economic environment.

Government, consumers, and businesses

500

Money is an important motivator of personal behavior due to its strong effect on what?

Self-image