Money Matters and Strategic Planning

Questions and Answers

What does 'money matters' refer to?

Financial side of things (correct)

Ways to save

Emotional aspects of spending

Investment strategies

What is the collective term for coins and banknotes?

money

What is communication?

exchange of info

What does 'goals' refer to?

object of a person's ambition Signup and view all the answers

What is meant by opportunity cost?

loss of potential gain Signup and view all the answers

What does sedentary mean?

tended to spend too much time seated Signup and view all the answers

What is nutrition?

the process of providing food Signup and view all the answers

What does 'smart goals' stand for?

specific, measurable, attainable Signup and view all the answers

What is time management?

act or process of planning Signup and view all the answers

What are credit cards used for?

purchase services on credit Signup and view all the answers

What is saving money?

finding ways to spend less money Signup and view all the answers

What are services?

the action of helping Signup and view all the answers

What does ambition mean?

strong desire Signup and view all the answers

What is a budget?

an estimate of income and expenditure for a set period of time Signup and view all the answers

What is a deficit?

the amount by which something is too small Signup and view all the answers

What does stress refer to?

pressure or tension exerted on a material object Signup and view all the answers

What is income?

money received for work or investments Signup and view all the answers

What are expenses?

the cost required for something Signup and view all the answers

What are expenditures?

the action of spending funds Signup and view all the answers

What is insurance?

a guarantee of compensation for loss or damage in return for payment of a premium Signup and view all the answers

What is a surplus?

an amount left over when requirements have been met Signup and view all the answers

What are savings?

an economy of or reduction in resources Signup and view all the answers

What is a cover letter?

a letter explaining the contents of another document Signup and view all the answers

What is a salary?

a fixed regular payment from an employer to an employee Signup and view all the answers

What are abilities?

possession of the means or skill to do something Signup and view all the answers

What does aptitude mean?

a natural ability to do something Signup and view all the answers

What are benefits?

an advantage or profit gained from something Signup and view all the answers

What is a career?

an occupation undertaken for a significant period Signup and view all the answers

What is a career path?

growth of the employee in an organization Signup and view all the answers

What is education?

the process of receiving or giving systematic instruction Signup and view all the answers

What is a job?

a paid position of regular employment Signup and view all the answers

What is a resume?

a brief account of a person's education and qualifications Signup and view all the answers

What are skills?

the ability to do something well Signup and view all the answers

What is standard of living?

the degree of wealth and material comfort available Signup and view all the answers

What is health?

the state of being free from illness or injury Signup and view all the answers

What are fixed expenses?

expense that will be the same total amount regardless of changes Signup and view all the answers

What are flexible expenses?

costs that are easily changed, reduced or eliminated Signup and view all the answers

What is a debit card?

a card allowing the transfer of money electronically Signup and view all the answers

What is a bank statement?

a printed record of the balance in a bank account Signup and view all the answers

What is a check register?

cash disbursements journal Signup and view all the answers

What is direct deposit?

the electronic transfer of a payment directly to the recipient's account Signup and view all the answers

What are fees?

a payment made for professional services Signup and view all the answers

Study Notes

Key Concepts in Money Matters

Money Matters: Refers to the financial aspects influencing decisions and lifestyles.
Money: Consists of coins and banknotes, representing tangible forms of currency.
Communication: Vital for exchanging information, especially in financial contexts.

Financial Goals and Choices

Goals: Represent an individual's ambitions and objectives, often driving financial decisions.
Opportunity Cost: The potential gain lost when choosing one option over another; essential for evaluating financial choices.
Ambition: A strong desire that motivates individuals to achieve financial independence or career success.

Lifestyle and Health

Sedentary: A lifestyle that may lead to excessive inactivity; can impact health and financial wellbeing.
Nutrition: Emphasizes the importance of providing food for maintaining health and vitality.

Strategic Planning

SMART Goals: Goals must be Specific, Measurable, Attainable, Relevant, and Time-bound to effectively direct efforts.
Time Management: Involves planning to maximize productivity, critical for financial success.

Financial Tools and Techniques

Credit Cards: Allow for services to be purchased on credit, facilitating immediate access to funds.
Saving Money: Strategies aimed at minimizing expenses to enhance financial security.
Budget: An estimation of income against expenditures over a set time, crucial for financial planning.
Deficit: Occurs when expenditures exceed income, leading to potential financial issues.

Income and Expenses

Income: Regularly received money, typically from work or investments, forming the basis of financial planning.
Expenses: Costs incurred in daily living; understanding them is key to effective budgeting.
Expenditures: Refers to the act of spending funds, which influences overall financial health.

Risk Management and Security

Insurance: An agreement providing compensation for specified losses, crucial for financial protection.
Surplus: Occurs when production or supply exceeds demand, representing potential savings or investment opportunities.

Career Development and Education

Career: A long-term professional journey that offers opportunities for personal growth and financial stability.
Career Path: The trajectory of an employee's growth within an organization, impacting earning potential.

Job Preparation and Skills

Resume: A document detailing education, qualifications, and experiences, essential for job applications.
Skills: Abilities that enhance employability and performance, directly influencing career progression.

Living Standards and Health

Standard of Living: Indicates the wealth and comfort available to individuals or communities, closely tied to financial circumstances.
Health: A state of being, vital for productive work and financial efficiency.

Financial Accountability and Management

Fixed Expenses: Consistent costs that do not fluctuate with activity level; important for budgeting.
Flexible Expenses: Costs that can be adjusted based on necessity, allowing for better financial management.
Debit Card: Facilitates electronic transfers; provides a direct linkage to an individual's funds for purchases.
Bank Statement: A periodic statement detailing account balances and transactions, important for tracking finances.

Payment Processes

Direct Deposit: An electronic payment method ensuring quick transfer of funds to the recipient's account, enhancing financial efficiency.
Fees: Payments made for professional services, impacting overall expenses and financial planning.

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Description

Explore key concepts in financial decision-making and lifestyle choices. This quiz covers financial goals, opportunity costs, and the importance of nutrition and strategic planning for a healthier, wealthier life. Test your knowledge on how money influences everyday decisions.