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Answer each question and then submit your review worksheet. (worth 38 points)
Answer each question and then submit your review worksheet. (worth 38 points)
Ryan and Liz are newlyweds. They have decided that they would like to pay off their car loan BEFORE next year. What goal classification does this meet?
Olivia has made a list of items that she wants to purchase. This list includes clothing, a house, groceries, and an iPad. Which of the items would be MOST LIKELY to be considered a want?
Molly has created a set of standards to measure her progress in reaching her goals. What has she created?
Laura Martinez is a high school junior who works part-time at a sporting goods store. She is saving money for college, and hopes to save enough money to attend junior college in TWO YEARS. What type of goal has Laura set for herself?
Ty has made a list of items that he wants to purchase. This list includes a house, a trip to England, a flat-screen television, and a laptop. Which of the items would MOST LIKELY to be considered a need?
Emmanuel wants to have his student loans paid off within 4 YEARS. What type of goal has he set?
Louisa has a car loan, a checking account, a savings account, and a house. Which of those items is considered a LIABILITY?
Lacey accesses her banking information online. She checks her bank balances and pays bills online. She has discovered that someone has used her personal information to take out a loan to purchase a house and to withdraw money from her savings account. What has Lacey experienced?
The Simpson’s have developed a plan on how to spend, save, and invest their money to achieve their goals. What TYPE OF PLAN have they created?
Walker has just graduated from high school, and will be moving into an apartment near the community college he will be attending part-time. His parents will provide some financial assistance, but he will need to have a full-time job in order to make ends meet. His parents suggest that he create a budget. What might be a reason Walker WOULDN'T want to create a budget?
Use the scenario on Amber to answer questions.
Amber keeps her financial records on her computer. She uses a spreadsheet software to create a budget and keep her checkbook register. She also stores her federal income tax forms electronically. Her financial records contain her social security number, her birth date and her checking and savings account numbers.
Which of the following is NOT true about Amber’s electronic filing system?
Mia went grocery shopping after work. She was hungry when she got to the store. Merchants display items at the end of the aisles and checkout area in hopes that customers will purchase these items. What strategy did the merchants use by hoping customers are hungry and displaying products placement?
Logan has priced laptops at the local stores, and has found that he has saved enough money to purchase one, but has decided to wait to make a purchase in hopes of getting a better deal. What Value of his trade-off has he made?
Which account is a liquid asset?
When inflation rises, it has what affect on people's standard of living?
How could you increase your net worth?
Coda is saving money for unplanned expenses. What is this savings plan called?
Inflation is the increase in the cost of goods and services. What happens to your purchasing power when the price of products and services increase and your income doesn't?
After Joe and Sally got married, they developed a plan on how to spend, save and invest their money so they can live a comfortable lifestyle, retire some day, and achieve their financial goals. What process did they implement?
To maximize your purchasing power and buy what you need, you should use what strategy?
Which item will most likely appreciate in value?
Which item will most likely depreciate in value?
Setting money aside before paying your bills or buying anything is known as what financial budget strategy?
Melinda “pays herself first” each month. What does that mean?
Which of the following of Melinda’s expenses would be classified as a variable expense?
Which of the following of Melinda’s expenses would be classified as a fixed expense?
What are Melinda’s total expenses for the month?
What does Melinda's budget say about her financial condition for the month (Consider her Budget Variance).
Jodi would like to calculate her liabilities so that she knows what she owes. What is the amount of Jodi’s LIABILITIES?
Jodi would like to calculate her assets so that she knows the value of her assets. What is the amount of Jodi’s ASSESTS?
What is Jodi’s NET WORTH?
How can Amber BEST PROTECT her electronic financial records if she allows other people to use her computer?
Amber’s friend Keith has suggested that she convert her data into a coded form when sending it over the Internet with software. What is this called?