PFL Vocab

A record of how much you spent, when you spent it, and where you spent it would be best described as a......

• Spending Log

• Periodic Expense

• Moleskin notebook

• Date Planner

Waiting to buy something until after you've saved for it is called ____________________

• delayed gratification

• instant gratification

• variable expense

• fixed expense

Which of the following is NOT an example of a NEED

• Food

• Shelter

• Iphone 12 Max

• Clothing

Which of the following is NOT an example of a WANT

• Cafe Mocha

• New Video Game

• Concert Tickets

• Heating in Wintertime

Values are

• Opportunity Costs

• Fixed Expenses

• A force within you that directs your choices

• Very expensive

SMART Goals is an acronym that stands for

• Specific Measurable Attainable Realistic Time-bound

• Smart Magic Affordable Realistic Thought-through

• Something Many Actually Rarely Think about

• Specific Measurable Affordable Recent Time-bound

Buying something now, without displaying any patience to wait and think about the purchase would be an example of Instant Gratification.

• True

• False

Opportunity Cost is defined as what you miss out on when choosing one thing over another.

• True

• False

A Spending Plan is defined as a/an

• Variable Expense

• Tax deduction

• informal document to determine cash flow

• formal contract between two people

Which of the following is true about a Variable Expense.....

• come with massive interest rates

• only the very rich have them

• vary from month to month

• stay the same from month to month