NEFE Module 1 Money Matters

Any money you receive such as an allowance or paycheck

• want

• income

• need

• opportunity cost

A predictable amount of money spent to buy something or do something that is the exact same amount every time

• opportunity cost

• emergency fund

• fixed expense

• want

Saving a certain amount of money to be used later for financial goals

• pay yourself first

• fixed expense

• income

• opportunity cost

Setting aside money to have on hand for unexpected expenses and events

• income

• opportunity cost

• emergency fund

• want

Amount of money spent to buy something or do something that changes frequently

• variable expense

• income

• pay yourself first

• fixed cost

Which of the following is considered a need?

• a new sports car

• going to the movies

• a place to sleep

• a dream vacation

A belief or idea you consider important or desirable is

• a value

• an opportunity cost

• a fixed expense

• a spending log

Goals that are 3 months to a year out

• medium-term

• short-term

• long-term

• dreams

Goals that are for within the next three months are

• medium-term

• short-term

• long-term

• dreams

Goals that are for more than a year out are

• medium-term

• short-term

• long-term

• dreams