Personal Finance & Decision/Goals Review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is a Financial Decision | A decision that can affect a family's or an individual's well-being
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| S stands for.. | Specific
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| M stands for.. | Measurable
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| A stands for.. | Attainable
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| R stands for.. | Realistic
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| T stands for.. | Timebound
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| What type of decisions are there? | Major, Routine, and Financial
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| How many steps are in the decision making process? | 4 steps
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| What is the first step to the decision making process? | Identify
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| What is the second step to the decision to the decision making process? | List Alternatives
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| What is the third step to the decision making process? | Decide
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| What is the fourth step to the decision making process? | Evaluate Results
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| What is a routine decision? | A decision made on a daily basis
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| What is a major decision? | A decision that requires quite some thought
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| What is a goal? | A specific act or location that you want to achieve
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| What are all of the types of goals? | Educational, SMART, and Financial
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| What is an educational goal? | A goal that involves your education and/or college
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| What is a SMART goal? | A SMART goal is a 5 word checklist that bases on your goals importance and reality.
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| What is a decision? | A chosen option
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| What is a need? | Something that you require
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| What is a want? | Something of your desire
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| What is a value? | Something important, worthwhile, and desirable to you
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| How do values affect your needs? | If you value your needs first, you will most likely be successful
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| How do values affect your wants? | If you value your wants rather than your needs, you will most likely be a failure
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| What affects your values? | Where you live, your traditions, your parents, and your friends
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| Why are values important to have? | So that you can have something you can rely on or look up to
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| Why would you set goals in life? | So that you can reach your destination in life
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| What is a budget? | The amount of money in your grasp
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| What is bankruptcy? | An official paper saying that you cant pay your bills
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| What is money? | The official trading utencil of a country or continent
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| Why is money important? | Because it is what buys your needs and want
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| Why would you save your money? | So that you don't lose your money
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| Where would you save your money at? | In a bank account or vault
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| What is the #1 cause of greed? | Money
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| List an example of a educational goal: | Going to college, getting an A+, etc.
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| List an example of a financial goal: | filing bankruptcy, saving your money, etc
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| What is stock? | The capital raised by a business or corporation through the issue and subscription of shares
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| What is a stock market? | a stock exchange
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| Why is stock important? | It gets you money and it provides an easy money maker.
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| What is bull market? | A market in which share prices are rising, encouraging buying.
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| Who is on the one dollar bill? | George Washington
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| Who is on the five dollar bill? | Abraham Lincoln
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| Who is on the one-hundred dollar bill? | Benjamin Franklin
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| What is commodity money? | Commodity money consists of objects that have value in themselves as well as value in their use as money.
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| 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.
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| What is fiat money? | in-convertible paper money made legal tender by a government decree.
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| What is bear market? | a market in which prices are falling, encouraging selling.
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| Who was the first to make change (coins)? | The Lydians
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| Who were the first to make paper money? | The Chinese
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| What was the European currency in the mid 1400's? | The Spanish Reale
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| What was the first american currency called? | Continental currency
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| What is commodity money? | Commodity money consists of objects that have value in themselves as well as value in their use as money.
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| 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.
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| What is fiat money? | in-convertible paper money made legal tender by a government decree.
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| What is bear market? | a market in which prices are falling, encouraging selling.
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| Who was the first to make change (coins)? | The Lydians
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| Who were the first to make paper money? | The Chinese
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| What was the European currency in the mid 1400's? | The Spanish Reale
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| What was the first american currency called? | Continental currency
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