Setting Financial Goal

Front

Define "cash flow."

Back

The measure of the money you receive and the money you spend.

Front

Explain the difference between "needs" and "wants" in financial planning.

Back

"Needs" are essentials like food, shelter, and clothing, while "wants" are non-essentials such as movies and eating out.

Front

What does the acronym "SMART" stand for in setting financial goals?

Back

Specific, Measurable, Attainable, Relevant, Time-bound

Front

How should Ceretta order her financial planning steps? 1. Create a Plan 2. Analyze Information 3. Set Goals 4. Monitor and/or Modify the Plan 5. Implement the Plan

Back

3,2,1,5,4

Front

A blueprint for handling all aspects of your money, such as spending, saving, investing, and establishing credit, is called _____________.

Back

personal financial planning

Front

What is the definition of the word "needs"?

Back

A condition requiring supply or relief; to be in need or want

Front

What is the definition of the word "goal"?

Back

An aim or purpose; an end to which effort is directed

Front

What is the definition of the term "SMART goals"?

Back

Specific, measurable, attainable, relevant, and time-bound goals

Front

What is the definition of the term "delayed gratification"?

Back

To postpone satisfaction until a later time

Front

What is the definition of the word "values"?

Back

A principle, standard, or quality considered worthwhile or desirable