E and PF Module 3 Study Guide

Front

What are some factors that influence financial planning?

Back

Factors include cash flow, savings, debt, and investments.

Front

What is a financial plan?

Back

An ongoing process that will support your current needs and future needs.

Front

What is altruism?

Back

The act of helping others without expecting anything in return.

Front

What is crowdfunding?

Back

Raising funds for a project or cause through a large group of people online.

Front

What is a charity?

Back

An organization that helps raise money for those in need.

Front

What is cash flow?

Back

The total amount of money being transferred into and out of a business or personal account.

Front

What is the purpose of savings?

Back

To set aside money for future needs or emergencies.

Front

What does it mean to create a budget?

Back

To plan how to allocate your income and expenses over a certain period.

Front

What is the role of investments in financial planning?

Back

Investments help grow your wealth over time and can provide income.

Front

What is the difference between needs and wants?

Back

Needs are essential for survival, while wants are things that enhance quality of life.