A monthly budget is created by:

Money personalities are different approaches people have towards managing finances. What are their differences?

Budgets are itemized ______ of the expected income and expenses for a defined period, typically one month.

Budgets show the amount of income brought in versus the amount of money ______.

A monthly budget is a great place to track spending ______ and aids in developing a plan for saving and spending money.

Budgets rely on ______, meaning spending less in one area means more can be spent in another, or a savings plan can be created.

Which of the following is NOT typically included when gathering financial statements for a monthly budget?

The goal of the budget is to ______ a monthly average.

When recording all sources of income, use ______ pay or net income for this number.

If a person has multiple jobs or sources of income, be sure to include all income in a given ______.

If a person receives ______ paychecks per month, be sure to include each paycheck.

Creating a list of ______ expenses includes all expenses which will be incurred over the month.

Fixed expenses are those which stay relatively the same from month to month and are ______.

What are examples of fixed expenses?

Flexible (variable) expenses are those which can change from month to month. What are examples of flexible expenses?

When creating a monthly budget, what is the first step?

If the income is greater than the expenses, what can be done with the leftover money in the budget?

If expenses are greater than income, what needs to be done?

When adjusting expenses, which type of expenses are the first place to look?

Reviewing the budget should be done regularly to stay on point.

After creating the initial budget and identifying areas where adjustments to expenses can be made, what should be compared?

The income was calculated correctly.

Which of the following is NOT a money personality listed in the worksheet?

A person who likes to save money rather than spend money is called a _________.

A spender looks for ways to spend money on numerous things rather than saving it.

Which money personality is described as someone who enjoys investing money in high-risk ventures?

Reviewing a budget can help identify a person’s _________

Which of the following is a characteristic of a Saver?

One person can have multiple money personalities.

A Risk Taker is as likely to end up a ________ as they are to end up bankrupt.

Who is described as an individual who plans for the future and is prepared for any financial situation?

Which type of individual looks for ways to plan and researches before making any big purchases?

Which type of individual prefers proven, safe investments?

Who can help a family maintain solid financial footing?

Who does not consider money as a necessity and does not have much of an opinion on money?

Which type of individual puts relationships over money and money decisions?

List one common budget strategy mentioned in the worksheet.

Fill in the blank: Remembering expenses refer to all ______ of money.

Emergency savings covers the basic ______ in case there are changes in income and expenses.

An example of a situation where emergency savings might be needed is:

Is putting the budget to use once the current financial situation has been established part of implementing a budget?

Once the budget is created, setting financial goals and developing financial strategies can easily be done.

Personal financial planning is:

A financial plan is created by:

SMART financial goals are created by:

Fill in the blank: The first step of creating a personal financial plan is ________.

Fill in the blank: Net worth is the sum of the individual's current assets minus the individual's total ________.

Assets refer to an individual's belongings which have ________.

Which of the following is NOT considered a cash equivalent?

Fill in the blank: Monthly ________ help individuals look at the bigger picture of their finances.

What do liabilities refer to in personal finance?

Which of the following is an example of a fixed or regular expense?

Expenses which can vary in amount from month to month are called ______ expenses.

Calculating net worth includes finding the total of an individual's current liabilities and subtracting them from their total current ______.

If an individual has total assets of $$100,000 and total liabilities of$$ 70,000, what would their net worth be?

A personal property inventory can be used as records to provide insurance in the case of property ______.

Which of the following is NOT typically included in a personal property inventory?

What is the second step of creating a personal budget?

Short-term goals are goals set to be achieved in ______ than a year's time.

What is an example of a short-term financial goal?

Intermediate-term goals are goals set to be achieved in about ______ years.

Which of the following is NOT a characteristic of long-term goals?

SMART is an acronym for which of the following goal-setting principles?

Fill in the blank: Setting specific goals allows people to focus on their goals, pulling resources toward them and ______ the goals more easily.

Which of the following is an example of a measurable goal?

Long-term goals can involve both short- and intermediate-term goals to be achieved.

What does setting a concrete number help with when creating a financial goal?

Fill in the blank: For example, “put $100 a month in a savings account” is a _______ goal.

What does 'Attainable' mean in the context of financial goals?

Setting financial goals beyond reach often results in the failure of financial goals.

Fill in the blank: It is important to check with professionals and industry associations to get a handle on _______ numbers to set SMART goals.

What does 'Realistic' refer to when setting financial goals?

Fill in the blank: Achievable financial goals are based on the _______ conditions and realities of the business climate.

With current fixed expenses, it could be unrealistic to expect to save 50 percent of take home pay.

What does 'Time-Based' mean in the context of financial goals?

Fill in the blank: Choosing a time frame can help _______ confusion and eventually help accomplish financial goals.

What are needs defined as?

Which of the following is an example of a spending need? Choose the correct option.

Spending wants refer to expenses which help an individual to live more _________

An individual could live without spending wants but can enjoy life more with them.

Which of the following is NOT a recurring expense?

Personal goals for each family member can work together to help meet ________ family financial goals.

Goals should be set only for personal finances, not family finances.

What is the third step in creating a personal financial plan?

Which strategy involves eating out less or carpooling to reduce transportation costs?

A good rule of thumb for allocating resources is the 50/30/20 rule. Fill in the blanks: 50 percent of income to necessities or fixed expenses, 30 percent to ______ expenses and 20 percent to savings.

Which step in creating a personal financial plan involves analyzing the course of action identified to accomplish the goal and weighing the pros, cons, and opportunity costs?

Finalizing the plan is the fifth step in creating a personal financial plan.

Generating new resources in a personal financial plan typically requires:

A course of action to increase household income by working more hours is feasible if more hours can be worked.

What is the sixth step in creating a personal financial plan?