PFL Unit 1 Test Review

Objective to be attained in a specific amount of time.

• Entitlement

• Goal

• Ethics

• Needs

Necessities a person must have to survive.

• Values

• Resource

• Needs

• Goal

Process of setting financial goals and developing plans to reach them while meeting financial needs.

• Cost-benefit analysis

• Technology

• Opportunity cost

• Personal financial planning

Things that a person desires but can live without are ___________.

• Needs

• Ethics

• Values

• Wants

An overview of an individual’s current financial position and strategies to meet future financial aspirations is referred to as ___________.

• Financial literacy

• A financial plan

• A value system

• Ethics

Set amount that you must pay each budget period.

• Variable expense

• Fixed expense

• Budget

• Emergency fund

Cost that changes both in the amount and time it must be paid.

• Variable expense

• Fixed expense

• Budget

• Emergency fund

Plan for the use of money over time based on goals, expenses, and expected income.

• Financial literacy

• A financial plan

• A value system

• Emergency fund

Money that remains after a person has paid all his or her expenses is ____________.

• Income

• Discretionary income

• Data analysis

• Cash flow statement

Financial trouble can be avoided by ___________.

• Living within your means

• Keeping debt under control

• Taking responsibility for your life

• All the above