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WorksheetsMoney Matters Semester 2 Finals
Total questions: 70
Worksheet time: 1hrs 10mins
Short-term goals would be for a period of 5 years or less.
True
False
Sam has the following assets and liabilities. Which of the following are assets? Mark ALL that apply.
Home
Car
Car Loan
Furniture and household goods
Property
Sam has the following assets and liabilities. What is the total amount of his assets? No dollar sign or comma separator required. Cents are required!
Home 120,000.00
Home mortgage 5,400.00
Cash and savings 1,500.00
Car 18,500.00
Car loan 6,500.00
Furniture and household goods 10,200.00
Credit card debt 900.00
150200.00
120,000.00
5,400.00
18,500.00
something you must have to survive
want
need
expense
What are fixed expenses?
negative cash flow
total pay before deductions for taxes and benefits
expenses that do not vary from time period to time period
balancing your income with expenses
What are fixed expenses?
negative cash flow
total pay before deductions for taxes and benefits
expenses that do not vary from time period to time period
balancing your income with expenses
Choose the word that best completes the sentence below. A ___________ usually requires a lot of time and planning to accomplish. Something you want to complete in several years....
goal setting
goal
long-term goal
mid-term goal
What is goal setting?
Picking up a coffee mug and setting it down on a table that says goal.
Finding something that you want to accomplish and setting goals/timeframes to complete it.
Figuring out a plan to not use any money for the rest of your life
Accomplishing all of your goals in two minutes
How else does making goals help?
It helps to give you purpose and direction in life
It helps you learn how to use your time wisely
It can make money magically appear for your needs and wants
So you never have to spend money again
What does the M in SMART stand for?
Maximum - there are no limits for goals
Memorable - a goal must be easily remembered
Measurable - a goal must have some kind of number attached so you have a way to know if you are reaching the goal.
Mental - you have to be able to think about the goal.
What does the A in SMART stand for?
Attainable- a goal must be reachable; you CAN do it.
Admirable - a goal must impress people.
Artistic - a goal must be creative.
Academic - a goal must be scholarly and oriented towards learning.
What does the R in SMART stand for?
Responsible -a goal must allow you to take charge.
Relevant - a goal must be realistic and relevant to your life.
Respectful - a goal must allow you to be kind and polite.
Repeatable - you must be able to do the goal over and over again.
What does the T in SMART stand for?
Time-based - the goal must be reached within a specific length of time.
Thoughtful - a goal must take into account the feelings of others.
Transferable - a goal should be able to be shared with other people.
Trust-worthy - a goal should be worthy.
Choose the word that best completes the sentence below. A ____________ is something you want to complete in the near future. Today, this week, or month.
short-term goal
goal
long-term goal
mid-term goal
Spencer is working with his financial advisor to create some personal financial goals for the next year. One of his goals is to reduce the amount of debt he has. Which statement could make his goal specific and timely?
He should focus on just his student loan debt and give himself a deadline of five years.
He should ask a friend to be his accountability partner and remind him of his goal every two weeks.
He should review his current finances to determine how much he can allocate to his goal.
He should pay only the minimum payment on his credit card statement each month.
Which statement describes a measurable financial goal?
Open a 401(k) account to save for retirement.
Save for college using a 529 savings plan.
Transfer $50 per month into a savings account.
Use Form 1040 to file income taxes.
Marcel’s financial goal is to purchase a house. To make Marcel’s financial goal of purchasing a house a specific goal, he can____________. Next, Marcel can make his goal timely by_____________. Lastly, Marcel can make his financial goal measurable by___________each month. Choose ALL of the correct responses.
focus on saving for a down payment
as a friend to be his accountability partner
giving himself a deadline
committing to save a certain amount each month
tracking the amount of money he saves
These are Helen’s top three financial goals: create an emergency fund, save for a new guitar, and invest in her company’s stock.
Select one attribute that matches each goal. Choose the correct three ATTRIBUTES from the chart.
specific, measurable, specific
timely, measurable, specific
timely, timely, specific
specific, measurable, timely
All are reasons why it is important to set goals EXCEPT...
they motivate us
they keep you from being focused
they give your life direction
they help you see progress
The words "some," "many," "more," and "a lot" keep goals from being
Relevant
Timely
Attainable
Measurable
The goal: "I want to go shopping at my favorite stores to get a lot of clothes by June 1" is missing what?
Measurable
Attainable
Timely
Relevant
One way to increase your chances of achieving your goals is to ______ them down.
lay
run
throw
write
Which of the following time frames would fit the definition of a long-term goal?
4 weeks
1 month
2.5 months
a year or longer
Which goal is Specific?
I'm going to do better in school.
I'm going to be a better friend.
I'm going to be successful.
I am going to turn in all of my Math Homework
This guy wants to appear more professional at work, which SMART goal is best for him?
I will obey the dress code every day for the following month
don't wear bandanas to work
go to work and wear what you want for a month
come to work perfectly dressed for now on
SPECIFIC means
simple
large
detailed
difficult
Which goal is most SPECIFIC?
I will learn to do the laundry.
I will put clothes in different piles.
I will wash clothes.
I will sort the laundry into lights, darks, and colors.
MEASURABLE means
we can count how much or how many
too big to count
pretty
easy
If a goal is TIME-BOUND, then
it has a deadline.
it will never happen.
it will be easy.
you will forget about it.
Money that you earn.
Asset
Expense
Income
What is an expense?
Money that you spend or give away.
Money that you earn.
Money that you put away for later.
Which of the following are considered variable expenses? (You can choose more than one.)
Magazine subscription
Electricity
Insurance coverage
Clothing
Recreation and vacation
Which of the following are considered fixed expenses? (You can choose more than one.)
Cable subscription
Electricity
Insurance coverage
Rent
Medical fees
Which of the following people would benefit MOST from a personal budget?
Tim carefully keeps track of his expenses.
Sue spends less than she earns.
David is saving for a major purchase.
Bob does not have enough money to pay bills.
What logo is this?
(a)
Choose 3 answers that are TRUE about the MISSION
Refocusing the attention of investors and the public.
Reflects the firm’s self-concept.
Satisfy customer needs.
Embodies the business philosophy.
Used only by leaders.
It´s better to avoid using your _______ and start controlling your ______.
customer/ expenses
financial goals/ budget
credit card/ expenses
market/ investment
When going to the _______, center your __________ on affordable, shelf-stable foods that won’t spoil in case you’re stuck at home for a bit.
market/ expenses
market/ overspending
bank/ investor
office/ expenses
Land
asset
liabilities
Loan Payable
asset
liabilities
