Show:
Foundation and Goal Setting
Assets, Debt and Net Worth
Consumer Choices
Financial Planning Terms
Smart Money Habits
100

An Essential item required for basic survival, such as food and shelter is? 

What is a need? 
100

A targeted liquid reserve set aside exclusively for unexpected financial shocks 

What is an emergency fund


BONUS: Give an example 

100

Making an unplanned and spontaneous purchase driven by emotion or immediate urge is called? 

What is Impulse buying 

100

A written plan outlining expected income and planned expenses over a specific timeframe is called?

What is a budget 

100

Personal beliefs and principles that guide an individual's financial choices and life decisions are what? 

What are values 

200
A fundamental economic problem of having limited resources to meet unlimited wants and needs. 

What is scarcity? 

200

What is Net Worth?

Overall financial standing, calculated by taking total assets minus total liabilities 


BONUS: Give an example (Plus 200 points) 

200

Define a social pressure when it comes to spending money 

Influencing someone to buy something they don't want or need. 

200
An individual who relies on another person for financial support is called a? 
what is a dependent 
200

Buying and selling of goods or services electronically over the internet? 

A) Crypto 

B) What they do on wall street 

C) E-Commerce 


What is E-Commerce 

300

Non-essential items required for basic survival but that enhance life quality are?

What are Wants

300

Define Liability 

What is a financial obligation, debt or money owed to another individual?

300

A written guarantee from a manufacturer pledging to repair or replace a product within a specified timeframe is called a what? 

What is a warranty 

300

What is the movement of money coming into a household as earnings and going out as expenses?

A) Adulting 

B) Cash Flow 

C) Budgeting 

D) Unnecessary 

what is cash flow

300

Any physical item, good, or intangible service offered to a market to satisfy a consumer's want or need is called a? 

What is a product? 
400

A goal intended to be accomplished within a timeframe of 1 to 5 years is a? 

What is a medium term goal

400

Liquid cash or near cash holdings that can be readily converted without loss of value is what?

What is monetary asset 

400

The value of the next best alternative given up when making a choice is called? 


A) Delayed Gratification 

B) Opportunity Cost 

C) Liability 

D) IDK

What is opportunity cost 
400

Preparing legal arrangements for the management and transfer of assets upon death or incapacitation is called? 

A) Getting Old 

B) Dependency 

C) Writing a Will

D) Estate Planning 

What is Estate Planning 


400
What is a standard of living? 

The level of wealth, comfort, or material goods available to a socioeconomic class or geographic area. 

500

What does the Phrase SMART goal stand for? 

S- Specific

M- Measurable

A- Achievable 

R- Relevant 

T- Time Bound 

500

When a person's net worth calculation shows that their total liabilities are greater than their total assets, what type of net worth do they have? 

A) Positive 

B) Neutral 

C) Bad 

D) Negative 

What is D, negative 

500

Resisting an immediate reward to secure a better benefit in the future is called what? 

A) STUPID 

B) Social Pressure 

C) Delayed Gratification 

D) Warranty 

What is C Delayed Gratification 

500

Why is it important for you to have a will once you have assets and liability?


  • Choose beneficiaries: You decide who receives your money, property, and belongings instead of leaving it to state laws.
  • Prevent state control: Dying without a will means the state divides your property using standard rules that might not match your wishes.


500

DOUBLE POINT QUESTION: 

When creating a personal budget or making consumer choices, distinguishing between these two concepts is critical to ensuring basic survival needs are met before allocating toward desires.

MUST GIVE ONE EXAMPLE 

What are needs and wants