Money Matters and Strategic Planning
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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?

    <p>object of a person's ambition</p> Signup and view all the answers

    What is meant by opportunity cost?

    <p>loss of potential gain</p> Signup and view all the answers

    What does sedentary mean?

    <p>tended to spend too much time seated</p> Signup and view all the answers

    What is nutrition?

    <p>the process of providing food</p> Signup and view all the answers

    What does 'smart goals' stand for?

    <p>specific, measurable, attainable</p> Signup and view all the answers

    What is time management?

    <p>act or process of planning</p> Signup and view all the answers

    What are credit cards used for?

    <p>purchase services on credit</p> Signup and view all the answers

    What is saving money?

    <p>finding ways to spend less money</p> Signup and view all the answers

    What are services?

    <p>the action of helping</p> Signup and view all the answers

    What does ambition mean?

    <p>strong desire</p> Signup and view all the answers

    What is a budget?

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

    What is a deficit?

    <p>the amount by which something is too small</p> Signup and view all the answers

    What does stress refer to?

    <p>pressure or tension exerted on a material object</p> Signup and view all the answers

    What is income?

    <p>money received for work or investments</p> Signup and view all the answers

    What are expenses?

    <p>the cost required for something</p> Signup and view all the answers

    What are expenditures?

    <p>the action of spending funds</p> Signup and view all the answers

    What is insurance?

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

    What is a surplus?

    <p>an amount left over when requirements have been met</p> Signup and view all the answers

    What are savings?

    <p>an economy of or reduction in resources</p> Signup and view all the answers

    What is a cover letter?

    <p>a letter explaining the contents of another document</p> Signup and view all the answers

    What is a salary?

    <p>a fixed regular payment from an employer to an employee</p> Signup and view all the answers

    What are abilities?

    <p>possession of the means or skill to do something</p> Signup and view all the answers

    What does aptitude mean?

    <p>a natural ability to do something</p> Signup and view all the answers

    What are benefits?

    <p>an advantage or profit gained from something</p> Signup and view all the answers

    What is a career?

    <p>an occupation undertaken for a significant period</p> Signup and view all the answers

    What is a career path?

    <p>growth of the employee in an organization</p> Signup and view all the answers

    What is education?

    <p>the process of receiving or giving systematic instruction</p> Signup and view all the answers

    What is a job?

    <p>a paid position of regular employment</p> Signup and view all the answers

    What is a resume?

    <p>a brief account of a person's education and qualifications</p> Signup and view all the answers

    What are skills?

    <p>the ability to do something well</p> Signup and view all the answers

    What is standard of living?

    <p>the degree of wealth and material comfort available</p> Signup and view all the answers

    What is health?

    <p>the state of being free from illness or injury</p> Signup and view all the answers

    What are fixed expenses?

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

    What are flexible expenses?

    <p>costs that are easily changed, reduced or eliminated</p> Signup and view all the answers

    What is a debit card?

    <p>a card allowing the transfer of money electronically</p> Signup and view all the answers

    What is a bank statement?

    <p>a printed record of the balance in a bank account</p> Signup and view all the answers

    What is a check register?

    <p>cash disbursements journal</p> Signup and view all the answers

    What is direct deposit?

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

    What are fees?

    <p>a payment made for professional services</p> 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.

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