Money Matters December Final Review

Front

Which of the following refers to personal belongings which have value? Assets, Liabilities, Net worth, Net profit

Back

Assets

Front

Individuals who enjoy spending money on themselves and others.

Back

Spender

Front

Saoirse has total assets of $120,000 and total liabilities of $80,000. What is her net worth?

Back

$40,000

Front

Which of the following are itemized summaries of the expected income and expenses for a defined period, typically one month? Assets , Liabilities, Budgets, Finances

Back

Budgets

Front

Which would be considered a short-term goal? Options: Saving for college, Saving for retirement, Starting a new career, Saving for a family vacation

Back

Saving for a family vacation

Front

Callum is the type of person who likes to plan for the future and be prepared for any type of financial situation, Callum is most likely a __________.

Back

Security seeker

Front

What is the first step an individual should take when creating a financial plan?

Back

Determining the financial situation

Front

Which piece of SMART goal setting requires individuals to set a concrete number to assess whether the goal is completed?

Back

Measurable

Front

Which step of the financial planning process involves devising strategies to help accomplish financial goals?

Back

Identifying courses of action

Front

Which of the following is the last step in creating a personal financial plan? Balancing income and expenses, Creating financial goals, Implementing the budget, Revising the plan

Back

Revising the plan