Financial Literacy - Pre-Test

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What is financial literacy?

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Knowing and understanding how finances work

Front

People who do not understand the difference between ______________ usually struggle with financial problems.

Back

Needs and wants.

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A _______________ is a plan for how you will spend your money.

Back

Budget

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Developing a financial lifestyle that fits the amount of money you will earn in your career and is the secret to financial success is called:

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A journey driven lifestyle

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Why do successful people set goals?

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Goal-setting allows them to measure progress toward accomplishments or lifestyle changes they desire and provides them with direction.

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Which of the following states the five important components of a good goal? General, revised, active, safe, sound., Specific, measurable, achievable, realistic, time-driven., Written, clear timeline, research-based, influenced by family, influenced by friends., All of the above.

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Specific, measurable, achievable, realistic, time-driven.

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How can I start setting personal goals now?

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Daydream, think about or research the type of lifestyle you want to live, and write down ideas.

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How can automating my finances save me time, protect my credit, and earn me extra money?

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Having bills paid automatically will save time and setting up direct deposits from your employer means maximum interest each month. It organizes all your accounts in one place that can easily be reviewed and updated online, and ensures bills are paid on time to protect credit.

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How to automate your finances? Options: Keep track of all the bills you pay on a spreadsheet, have a written budget, and set up an account with a bank or credit union.; Have your employer direct deposit your paycheque, set up automatic bill-pay, set up automatic transfers to your savings account, and track all your finances online.; Have all the companies you owe deduct their monthly payments directly from your checking account.; All of the above.

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Have your employer direct deposit your paycheque, set up automatic bill-pay, set up automatic transfers to your savings account, and track all your finances online.

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What first step should I take to automate my finances?

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Open a checking and savings account.