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Personal Finance
Personal Finance & Decision/Goals Review
| Question | Answer |
|---|---|
| What is a Financial Decision | A decision that can affect a family's or an individual's well-being |
| S stands for.. | Specific |
| M stands for.. | Measurable |
| A stands for.. | Attainable |
| R stands for.. | Realistic |
| T stands for.. | Timebound |
| What type of decisions are there? | Major, Routine, and Financial |
| How many steps are in the decision making process? | 4 steps |
| What is the first step to the decision making process? | Identify |
| What is the second step to the decision to the decision making process? | List Alternatives |
| What is the third step to the decision making process? | Decide |
| What is the fourth step to the decision making process? | Evaluate Results |
| What is a routine decision? | A decision made on a daily basis |
| What is a major decision? | A decision that requires quite some thought |
| What is a goal? | A specific act or location that you want to achieve |
| What are all of the types of goals? | Educational, SMART, and Financial |
| What is an educational goal? | A goal that involves your education and/or college |
| What is a SMART goal? | A SMART goal is a 5 word checklist that bases on your goals importance and reality. |
| What is a decision? | A chosen option |
| What is a need? | Something that you require |
| What is a want? | Something of your desire |
| What is a value? | Something important, worthwhile, and desirable to you |
| How do values affect your needs? | If you value your needs first, you will most likely be successful |
| How do values affect your wants? | If you value your wants rather than your needs, you will most likely be a failure |
| What affects your values? | Where you live, your traditions, your parents, and your friends |
| Why are values important to have? | So that you can have something you can rely on or look up to |
| Why would you set goals in life? | So that you can reach your destination in life |
| What is a budget? | The amount of money in your grasp |
| What is bankruptcy? | An official paper saying that you cant pay your bills |
| What is money? | The official trading utencil of a country or continent |
| Why is money important? | Because it is what buys your needs and want |
| Why would you save your money? | So that you don't lose your money |
| Where would you save your money at? | In a bank account or vault |
| What is the #1 cause of greed? | Money |
| List an example of a educational goal: | Going to college, getting an A+, etc. |
| List an example of a financial goal: | filing bankruptcy, saving your money, etc |
| What is stock? | The capital raised by a business or corporation through the issue and subscription of shares |
| What is a stock market? | a stock exchange |
| Why is stock important? | It gets you money and it provides an easy money maker. |
| What is bull market? | A market in which share prices are rising, encouraging buying. |
| Who is on the one dollar bill? | George Washington |
| Who is on the five dollar bill? | Abraham Lincoln |
| Who is on the one-hundred dollar bill? | Benjamin Franklin |
| What is commodity money? | Commodity money consists of objects that have value in themselves as well as value in their use as money. |
| What is representative money? | Representative money is an item such as a token or piece of paper that has no intrinsic value, but can be exchanged on demand for a commodity that does have intrinsic value, such as gold, silver, copper, and even tobacco. |
| What is fiat money? | in-convertible paper money made legal tender by a government decree. |
| What is bear market? | a market in which prices are falling, encouraging selling. |
| Who was the first to make change (coins)? | The Lydians |
| Who were the first to make paper money? | The Chinese |
| What was the European currency in the mid 1400's? | The Spanish Reale |
| What was the first american currency called? | Continental currency |
| What is commodity money? | Commodity money consists of objects that have value in themselves as well as value in their use as money. |
| What is representative money? | Representative money is an item such as a token or piece of paper that has no intrinsic value, but can be exchanged on demand for a commodity that does have intrinsic value, such as gold, silver, copper, and even tobacco. |
| What is fiat money? | in-convertible paper money made legal tender by a government decree. |
| What is bear market? | a market in which prices are falling, encouraging selling. |
| Who was the first to make change (coins)? | The Lydians |
| Who were the first to make paper money? | The Chinese |
| What was the European currency in the mid 1400's? | The Spanish Reale |
| What was the first american currency called? | Continental currency |
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