Career Prep Semester Exam UPDATED ACTUAL Questions and CORRECT Answers
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Course
Career Prep
Institution
Career Prep
Career Prep Semester Exam UPDATED
ACTUAL Questions and CORRECT
Answers
list the 6 steps to plotting your money path - CORRECT ANSWER- 1. decide your time
frame for tracking your income and expenses 2. list your income 3. use your spending log to
create categories and predict amounts for ea...
Career Prep Semester Exam UPDATED
ACTUAL Questions and CORRECT
Answers
list the 6 steps to plotting your money path - CORRECT ANSWER✔✔- 1. decide your time
frame for tracking your income and expenses 2. list your income 3. use your spending log to
create categories and predict amounts for each of your expenses 5. subtract your total
expenses from your total income 5. implement the plan 6. review and adjust the plan as
needed
list one consequence that you may face if you choose not to use a budget. - CORRECT
ANSWER✔✔- you will make random purchases of things you don't really want or need
a __________ can be beneficial because it is a record of everything you spend money on and
how much you spend each day. - CORRECT ANSWER✔✔- spending log
_______ are things that are essential to your health and security. - CORRECT ANSWER✔✔-
needs
deciding that you want something and buying it right away is called ______________. -
CORRECT ANSWER✔✔- instant gratification
a __________ helps you manage your cash flow so you have the money to pay for the things
that you need and want. - CORRECT ANSWER✔✔- spending plan
list 2 sources of income found in module 1. - CORRECT ANSWER✔✔- your allowance, a
gift card of cash for your birthday.
all of your thoughts, decisions and actions reflect what you ________. - CORRECT
ANSWER✔✔- value
debit and credit cards make it easy to _______. - CORRECT ANSWER✔✔- overspend
, _________ are what you spend your money on - CORRECT ANSWER✔✔- expenses
_________ arise occasionally during the year, usually less than once - CORRECT
ANSWER✔✔- periodic expenses
it is easy to plan for ___________ because they cost the same every time. - CORRECT
ANSWER✔✔- fixed expenses
smart people know that the secret to successful saving is to _____________> - CORRECT
ANSWER✔✔- pay yourself first
because every expense in your life cannot be predicted, you should have an _____________.
- CORRECT ANSWER✔✔- emergency fund
a habit can be defined as something that you do for __ days. - CORRECT ANSWER✔✔- 21
how much money should you put into a savings account every time you are paid? -
CORRECT ANSWER✔✔- 1/4 of your pay check
waiting to purchase something until you can afford is an example of ___________. -
CORRECT ANSWER✔✔- delayed gratification
____ are things that simply make life more comfortable or fun but you can live without them.
- CORRECT ANSWER✔✔- wants
the money flowing into your pockets as income and flowing out as expenses and debt is
called your __________. - CORRECT ANSWER✔✔- cash flow
list 2 methods of managing/keeping track of your money. - CORRECT ANSWER✔✔-
budget and spending plan
by far, the interest rate that you pay on the borrowed money is the _____________ part of
borrowing money. - CORRECT ANSWER✔✔- most expensive
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