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Urbana-FM1-Unit1

Values, Needs, Wants, Goals & Decisions

QuestionAnswer
A value is? Belief or practice. What is important to an individual
A goal is ? Something a person intends to acquire, achieve, do or accomplish.
A want is? Unnecessary but desired
A need is? Thought to be a necessity for essential for life
Short term goals are? 3-6 months
What is accomplished because of financial planning? Financial Goal
Financial Goals contain what parts? SMART Goals
What is" S" in SMART ? Specific
What is "M" in SMART? Measurable
What is "A" in SMART? Attainable
What is "R" in SMART? Realistic
What is "T" in SMART? Time
"I will save $350 for this year's Christmas Gifts" is what part of SMART? Specific
"I will save $50 for 6 months" is what part of SMART? Time
"I will save $50 for 6 months: by going to the bank today, opening a savings account, & putting in $25 from each paycheck." Is what part of SMART? Attainable
"Starting today, I will give up eating out and pack my lunch everyday to save money." Is what part of SMART? Realistic
"I will save $350 for Christmas by saving $50 for 6 months" is what part of SMART? Measurable
Goals that are written down are? More likely to be accomplished
If Goals are too high or too low? Not likely to be accomplished
Family, media, & religion influence your? Values
Putting money in savings to buy a house in 5 years is what kind of goal? Long-term Goal
Saving each month, from June until Christmas is what kind of goal? Short-term
Decisions made everyday without much thought Routine
Decisions that have long-term effects on life Major Decision
Which step is NOT part of the decision making process? Decide with out considering consequences
What is : Define the problem, list alternatives, list consequences, decide, and evaluate results? Decision-making Process
What is part of both Routine & Major decisions? Affect individual's & family's life or well-being, Are guided by values.
Created by: sfleece
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