Financial Literacy Flashcard

Front

Which budgeting method involves the use of placing money in separate packets to meet particular expenses?

Back

Envelope

Front

Ideally, what should more than one member of the family contribute to for a better financial position?

Back

Income

Front

Chelsea purchased her monthly grocery requirements instead of soccer game tickets for the championship match she wanted to see. What has Chelsea chosen to satisfy over her wants?

Back

Needs

Front

Which of the following is an example of a luxury expense? Staple foods, Tuition and fees, Lamborghini, Vacation

Back

Lamborghini

Front

Which part of the passage indicates that Rolid is preparing a budget to plan his finances? Options: Rolid is a 25-year-old man who is very social by nature. He works for a financial services company. He plans to retire by the age of 40.

Back

Every month, he puts $500 in an envelope to use as spending money.

Front

Which of the following expenses is most likely categorized as an essential expense? Lamborghini, Lavish wedding, Tuition and fees, Vacation

Back

Tuition and fees

Front

What does Rolid do to ensure he only spends when he has enough money?

Back

He puts $500 in an envelope every month.

Front

What is Rolid's plan regarding his retirement?

Back

He plans to retire by the age of 40.

Front

What does Rolid avoid to manage his finances better? Buying a Lamborghini, Spending on staple foods, Outings with friends, Paying tuition and fees

Back

Outings with friends

Front

Which of the following is a sign of Rolid's financial discipline? He loves his current job and lifestyle. He plans to retire by the age of 40. He puts $500 in an envelope every month. He has no plans for marriage anytime soon.

Back

He puts $500 in an envelope every month.