Take Charge Of Your Financial Well-Being

Since life can often be unpredictable, what is an effective strategy to deal with this uncertainty?

• Having a checking account

• Creating an emergency fund to cover several months of expenses

• Putting money in a safe at home

• Opening a savings account

Which of the following would be considered a short-term savings goal?

• Buying a used car

• Paying for college

• Saving for your retirement

• Saving to buy a birthday gift for your friend

If you saved $2.00/day for 6 months, what might you be able to purchase?

• A lunch for you and your friend

• A pair of jeans

• A TV set

• A car

For which of the following expenses could you use an emergency fund of savings you've set aside?

• Rent

• Car repairs

• Groceries

• Car insurance

Which of the following is a need?

• Shelter
• Designer Clothes
• TV
• Cell Phone

A want is:

• something essential for Living
• an expense
• Something important to an individual
• something someone would like to havebut does not need to live.

A value is:

• Something essential for living
• an expense
• a belief about ideas and principles that are important to you.
• something you would like to have but do not need to live

Which of the following is the key to becoming financially secure for the average person?

• Making a large salary
• inheriting money
• working multiple jobs
• starting to save or invest at an early age

Putting money to use that you hope will increase its value over time is called:

• Investing
• net worth
• average rate of return
• compound interest

A financial plan is a set of goals for acquiring, saving, and spending money.  

• True
• False