How do goals influence the direction of your life?

They channel the direction of your life

In what way do goals guide your efforts?

They guide your efforts toward a solution

What is a characteristic of long-term goals?

They take more than a year to achieve.

What are resources used for?

To reach goals and solve problems

What is the purpose of listing and prioritizing time?

To rank things in order of importance

What is one strategy for managing your energy effectively?

Schedule tasks that require alertness when you’re at your peak

Why is it important to get enough rest according to the document?

It improves alertness and energy

What is the first step in a decision-making process for major decisions?

Define the problem or decision to be made

Why is it important to evaluate your decision in a decision-making process?

To assess the effectiveness of the decision

Which of the following is a benefit of having a spending plan? Options: It allows for income and expense tracking., It hides where money is going., It increases financial uncertainty., It promotes impulsive buying.

It allows for income and expense tracking.

What does it mean for a financial goal to be "Specific"?

It should be exactly what is to be done with the money.

What does "Attainable" mean in the context of setting financial goals?

The goal should be determined by budget and reachable.

Why is it important for a financial goal to be "Realistic"?

To avoid setting goals that are unrealistic or unattainable.

What does "Time Bound" mean when setting financial goals?

The goal should specifically date when it needs to be reached.

What is the first step in organizing a spending plan?

Determine appropriate way of record keeping

What should you do if your expenses exceed your income?

Earn more income and decrease expenses

Why is it important to keep accurate records of all income and expenses?

To track financial progress and make informed decisions

What is the primary purpose of control systems in managing finances?

To keep accurate records of spending

Why is it important to realize potential problems early in financial management?

To prevent overspending in one area

What is the main purpose of the Envelope System in budgeting?

To manage cash for specific expenses

What happens when the cash in an envelope is gone in the Envelope System?

There is no more money in that category

How does a Check Register System organize expenditures? Options: By tracking expenses on a sheet, By dividing into spending plan categories, By monitoring income sources, By keeping daily records of spending

By dividing into spending plan categories

What is the purpose of evaluating a spending plan?

To determine if the steps in the process have worked

Consumer Ed. Test Review 2025 Flashcards

Student preview

80 questions

Show all answers

1.

FLASHCARD QUESTION

Front

How do needs and wants affect your daily behavior?

Back

They influence your behavior every day.

2.

FLASHCARD QUESTION

Front

In what ways do needs and wants impact your life?

Back

They affect what you do with your time and money.

3.

FLASHCARD QUESTION

Front

How do needs and wants influence your interactions with others?

Back

They influence how you get along with others.

4.

FLASHCARD QUESTION

Front

What is a 'need' according to the learning material?

Back

Something necessary or required for life

5.

FLASHCARD QUESTION

Front

Which of the following is an example of a basic need? Smartphone, Designer clothes, Shelter, Video games

Back

Shelter

6.

FLASHCARD QUESTION

Front

What is a 'want' according to the learning material?

Back

Something unnecessary but desired

7.

FLASHCARD QUESTION

Front

Which of the following is an example of a 'want'?
Options: Water, Shelter, Phone, Food

Back

Phone

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