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Time and Money Mgt.
Post Test - Time and Money Mgt.
| Time and Money Mgt. | Answer |
|---|---|
| Wish | Something desired that may or may not be realistic, and may or may not have action taken to make it come true. |
| Goal | Something desired that is achievable, provides a reasonable, realistic opportunity for success, and action is being taken to make it a reality. |
| Short-Term Goals | Goals to be accomplished soon within hours or days. They tend to be clearly defined and identified, and have a single purpose. They are often a series of smaller steps taken on the way to achieving long-term goals. |
| Long-Term Goals | Goals to be accomplished later, within a year or two. They tend to be larger tasks, more general and more abstract. They are often the overall result of a series of smaller, calculated steps. |
| Time Management | An important organizational skill that involves organizing your day to accomplish things that need to be done. |
| Fixed Expenses | Expenses that occur regularly and stay the same or nearly the same each month. Examples include rent, house, or loan payments, insurance, or property taxes. |
| Gross Pay | The total amount earned for a pay period before any deductions are subtracted from a paycheck. |
| Net Pay | A Paycheck's gross pay minus all deductions. Referred to as "take home" pay. |
| Credit | The supplying of money, good, or services in exchange for the promise of fure payment by the consumer. |
| Flexible Expenses | Expenses that vary both in amount and frequency of occurence. Examples: food, clothing, utilities, transporatation, entertainment, medical care. |
| The following statements are true of a goal. | It has to be within your power to make it happen. It must be clearly defined. it has to be important to you. |
| Your goals should develop from your _____. | values |
| The following are steps in the decision making process. | identify the problem, evaluate the decision, choose the best alternative |
| "A" tasks are those that_____. | must be done soon |
| Money managers advise that you place ____ of your monthly take home income in a savings account. | 5% |
| The following are examples of periodic expenses. | car insurance, tuition, charity donation |
| A restrictive endorsement _______. | states what is to be done with the check |
| Revolving charge accounts _____. | do not have to be paid in full each month |
| The following are necessary to complete a budget. | figure your monthly income, consider short and long-term goals, estimate your total expenses |
| Debit cards allow consumers to_____. | withdraw money from thier checking accounts |
Created by:
SCullum
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