Worksheets2.01-2.06 Managing Finances
Total questions: 39
Worksheet time: 21mins
What are Maslow's hierarchy of needs? In order, from the bottom to the top.
self-actualization, self-esteem, love and belonging, safety and security, physiological needs
physiological needs, safety and security, love and belonging, self-esteem, self-actualization
self-esteem, love and belonging, physiological needs, safety and security, self-actualization
love and belonging, self-esteem, self-actualization, safety and security, physiological needs
The total money you get to "take home" from your paycheck after taxes and deductions is:
net pay
gross pay
balanced pay
earned income
What does the acronym "S.M.A.R.T" stand for in regards to goals?
Sudden, Measurable, Accurate, Relatable, Timely
Sentient, Meaningful, Attainable, Relevant, Time-sensitive
Specific, Measurable, Attainable, Relevant, Timely
Simple, Meaningful, Accurate, Relatable, Timely
A budget deficit occurs when
inflows are greater than outflows
inflows are equal to outflows
inflows are less than outflows
inflows are equal to income
Define inflow:
Money coming in each month.
Money going out each month.
Income received from selling investments at a higher value than when you bought them.
Expenses that occur occasionally and are hard to plan for.
Define outflow:
Money coming in each month.
Money going out each month.
Money spent on bills.
Money spent on wants.
What is a budget?
Money coming in each month.
Money being spent or saved each month.
The money you earned from a job.
A plan for how to spend or save the money you've earned.
What is a need?
Something that you accomplish.
Another word for a plan.
Anything that makes your life more fulfilling.
Something that you need in order to survive.
What is a want?
Something that you need in order to survive.
Another word for plan.
anything that's not needed for survival, but makes our lives more fulfilling.
something that you cannot ignore.
What are impulse purchases?
An unplanned decision to buy a product or service.
A planned purchase.
A purchase that must be made for survival.
A purchase that you made after waiting a few months.
What is buyer's remorse?
When you feel really good about a purchase you made.
When your parents or guardians are angry at you for making a purchase.
A sense of regret after having made a purchase.
When your friends convince you to make a purchase.
What are physiological needs?
general safety and health, employment, family, resources
respect for self/personal worth, respect for and from others, confidence, achievement
self-awareness, personal growth, focus on being one’s best self
food, water, sleep, air
What does "safety and security" mean in Maslow's Hierarchy of Needs?
food, water, sleep, air
love, family, friendship
self-awareness, personal growth, focus on being one’s best self
general safety and health, employment, family, resources
What does "love and belonging" mean in Maslow's hierarchy of needs?
general safety and health, employment, family, resources
self-awareness, personal growth, focus on being one’s best self
love, family, friendship
respect for self/personal worth, respect for and from others, confidence, achievement
What does "self esteem" mean in Maslow's Hierarchy of Needs?
respect for self/personal worth, respect for and from others, confidence, achievement
food, water, sleep, air
general safety and health, employment, family, resources
self-awareness, personal growth, focus on being one’s best self
What does "self actualization" mean in Maslow's Hierarchy of Needs?
general safety and health, employment, family, resources
love and belonging
self-awareness, personal growth, focus on being one’s best self
respect for self/personal worth, respect for and from others, confidence, achievement
What is a goal?
Something that you accomplish.
Anything that makes your life more fulfilling.
Something that you need in order to survive.
Another word for a plan.
What are the three broad categories of financial goals?
inflow, outflow, balanced
variable, periodic, fixed
basic, intermediate, advanced
Short-term, medium-term, long-term
What is the usual time limit for a short-term goal?
4 years
2 years
1 year
5 years
How many years should a goal take you to accomplish for it to be considered a long-term goal?
More than two years
More than five years
More than three years
More than ten years
What is a variable expense?
An expense that usually stays the same.
An expense that changes often.
An expense that is unexpected and hard to plan for.
An expense that does not cost too much.
What is a fixed expense?
an expense that changes often
an expense that usually stays the same
an expense that is hard to plan for.
an expense that is easily paid for.
What is a periodic expense?
An expense that can be unexpected and hard to plan for.
An expense that stays the same.
An expense that changes often.
An expense that is easily paid for.
What are taxes?
An automatic payment to the state and federal government. Comes out of each check.
Something you pay to your parents for you to live at home.
An automatic payment to your bills each month.
Something the government pays you for being an American citizen.
The first step to financial success is creating and sticking to a budget.
True
False
What are the three main kinds of income?
earned
passive
portfolio
taxed
Which income is received from selling investments at a higher value than which you purchased them?
Passive
Protective
Earned
Portfolio
Which income is money earned from your job?
Expected
Passive
Earned
Portfolio
Which income is money earned regularly with little or no effort?
Passive
Portfolio
Earned
Expected
Rent is an example of which kind of expense?
Fixed
Periodic
Variable
Savings
Your power bill is an example of which kind of expense?
Fixed
Periodic
Variable
Savings
Car maintenance is an example of which kind of expense?
Fixed
Periodic
Variable
Savings
What does it mean when a budget is balanced?
The outflow is greater than the inflow.
The inflow is greater than the outflow.
The inflow is double the outflow.
The inflow equals the outflow.
What is a budget surplus?
When the inflow is greater than the outflow.
When the inflow and the outflow are equal.
When the outflow is greater than the inflow.
When the outflow is double the inflow.
What is marketing?
The study of consumers and how they have a financial affect on the market.
The study of consumer habits to create products.
Creating products for consumers.
Promoting and selling products and services.
Shamir's gross pay is $1,900.00. All of his deductions total $550. What is his NET pay?
$1,900.00
$1,200.00
$1,350.00
$1,450.00
What is the total money earned BEFORE tax and deductions called?
Net income
Total income
Non-taxable income
Gross income
Are fruits and vegetables considered a want or a need?
Want
Need
Name of the form employers use to inform you about how much money they deducted from your paycheck in a given year.
W4
W8
W2
W40
