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Author:
millerdc
ID:
251079
Filename:
FF project
Updated:
2013-12-05 18:30:13
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Financial Fitness Lesson Theme
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Description:
Vocabulary and other key points of Financial Fitness Lesson 7 Theme 3
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  1. What are fixed expenses? 

    a)Expenses that change monthly 

    b Expenses that don't change
    b)Expenses that don't change 

    Fixed expenses areexpenses that can't be easily changed and that remain essentially the same from month to month. (Car payments, mortgage, etc.)
  2. What occasional/periodic expenses? 

    a)Expenses that you always have 

    b)Expenses that you never have 

    c)Expenses that happen occasionally
    c)Expenses that happen occasionally 

    Occasional expenses are expenses that occur one or a few times a year. (Birthday gifts, personal property taxes.)
  3. What is periodic income? 

    a)Income that is earned on a regular basis 

    b)Income that is occasionally earned 

    c)Income that is never earned
    b)Income that is occasionally earned 

    Periodic income is income not earned on a regular schedule. (Occasional babysitting, summer jobs, gifts from relatives.)
  4. What is a planned expense? 

    a)Spending over budget and not planning for it 

    b)Planning for an expense and spending less than you thought 

    c)Spending what you expected and planning for it
    c)Spending what you expected and planning for it 

    A planned expense is spending what you expect and for which you plan.
  5. What is a spending plan? 

    a)A plan for managing income and monthly expenses 

    b)Spending all of your money and not saving any of it
    a)A plan for managing income and monthly expenses
  6. What is a trade-off? 

    a)Giving up everything to get what you want 

    b)Giving up something to get something else

    c)Giving up nothing
    b)Giving up something to get something else 

    A trade-off is giving up some of one thing in order to acquire more of another.
  7. What is an unplanned expense? 

    a)The total amount of money that you get paid each month 

    b)Expenses that you haven't planned for 

    c)Expenses that you have planned for
    b)Expenses that you haven't planned for  

    An unplanned expense is spending for something for an emergency, urgent need or impulse purchase. (Car accidents, unexpected surgeries.)
  8. What is a variable expense? 

    a)Expenses that can't be controlled 

    b)Expenses that you plan for 

    c)Expenses that can be controlled
    c)Expenses that can be controlled 

    A variable expense is an expense that can be controlled and that change from month to month. (Restaurant purchases, shopping trips.)
  9. What is the point of learning how to manage your money? 

    a)To prepare for a secure financial future 

    b)To prepare for saving up to make a large purchase 

    c)To prepare for your life
    a)To prepare for a secure financial future 

    A secure financial future is as important as having good credit scores when you buy a car. You know how to manage your money, and you need to be ready to do this in your own life once you start getting a regular income.

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