Personal Finance Money Management

A person needs $1,200 to pay for a trip to Disney World in two years. Which type of goal is this?

• Short-term

• Mid-term

• Long-term

• None of the above

An organized plan that matches income with expenses and savings is called:

• A budget

• A net worth statement

• An allowance

• PYF

Which of the following is considered a need?

• Dinner at a restaurant

• A dress for the Fall Dance

• A house

• A new sports car

What is the purpose of goal setting in money management?

• To help you make decisions

• To evaluate your values

• To tell the difference between wants and needs

• To provide direction to planning and action

You received a check from your doctor’s office for overpayment. The income received that was not anticipated. This is known as:

(a)  

(b)  

(c)  

(d)  

• unanticipated income

• unanticipated expense

• anticipated expense

• anticipated income

Money taken out of a paycheck by an employer to pay for taxes, health insurance, and other payments.

• net income

• payroll deductions

• fixed expense

• PYF - pay yourself first

Each pay period, Alarionna has her employer automatically deposit her paycheck into her checking account so the funds are available for use when she needs them. In this situation, money is functioning as a(n) 

• form of cash.

• unit of measure.

• medium of exchange.

• store of value.

 Which of the following is a disadvantage of using cash as a form of financial exchange:

• The risk of theft decreases.

• Cash payments often incur fees.

• There is a higher risk of fraud.

• It is easy to steal or lose.

What should you do if you have a budget surplus?​ Save the extra money

• Change your variance

• Increase your tax withholding

• Spend the extra money

• Save the extra money

Which of these is not a source of income?

• Allowance

• Salary

• Interest

• Savings