JROTC Study Guide

Rondell made a goal to by the CD collections of his five favorite musical artists. He wrote his goal on paper, and constructed a plan to reach his goal. Of the following steps in his goal and financial plan, which one would you recommend he change in order to best stay on track? A) "I will use all of my earnings from my job until I reach my goal." B) "I will buy one CD per artist at a time." C) "I will need $80 for each collection." D) "I want to reach my goal in eight weeks."

A) "I will use all of my earnings from my job until I reach my goal."

What is the definition of the word "needs"? A) A condition requiring supply or relief; to be in need or want B) To desire greatly; wish for C) Specific, measurable, attainable, relevant, and time-bound goals D) An aim or purpose; an end to which effort is directed

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

___________ show(s) resemblance in some particulars between things otherwise unlike. A) Analogies B) Relating factor C) A Bubble map D) A Bridge map

A) Analogies

The map used for brainstorming is a ________. A) Circle map B) Bubble map C) Flow map D) Multi-Flow map

A) Circle map

There are six action steps in DECIDE. They are: A) Define your goals, establish you criteria, choose two or three good options, identify the pros and cons, decide what is best and evaluate the results. B) Determine if is a need or want, establish your criteria, choose two good options, identify the pros and cons, decide what is best and evaluate the results. C) Define your goals, establish your criteria, choose three good options, identify the pros and cons, decide what is best and evaluate the results D) Develop your goals, establish your criteria, choose three good options, identify the pros and cons, decide what is the best and evaluate the results

A) Define your goals, establish your criteria, choose two or three good options, identify the pros and cons, decide what is best and evaluate the results

What does the acronym "SMART" stand for in setting financial goals? A) Specific, Measurable, Attainable, Relevant, Time-bound B) Simple, Maintainable, Attainable, Responsible, and Timely C) Smart, Manageable, Attractive, Relevant, and Time-bound D) Single, Money, Approach, Restraint, Thorough

A) Specific, Measurable, Attainable, Relevant, Time-bound

What is the definition of the term "delayed gratification"? A) To postpone satisfaction until a later time B) To desire greatly; wish for C) Specific, measurable, attainable, relevant, and time-bound goals D) An aim or purpose; an end to which effort is directed

A) To postpone satisfaction until a later time

The SMART acronym is basically a checklist for creating turbocharged goals that will help guide you to success. A) True B) False

A) True

The downside to a fixed expense is that the amount is set by someone else, so you can't adjust your payment if money is tight. A) True B) False

A) True

Variable expenses are common expenses where the amount is different each time. A) True B) False

A) True

A __________ is used as a tool to determine sequencing. A) Circle map B) Flow map C) Bubble map D) Bridge map

B) Flow map

Personal Financial Planning is a process of defining goals, developing a plan to achieve the goals, and putting the plan into action. Goals should be SMART (specific, measurable, attainable, relevant, and time-bound); plans should be rigid; and putting the plan into action requires restraint and responsibility. A) Replace "achieve" with "prioritize" B) Replace "rigid" with "flexible" C) Replace "measurable" with "mistake-free" D) Replace "restraint" with "restrictions"

B) Replace "rigid" with "flexible"

A blueprint for handling all aspects of your money, such as spending, saving, investing, and establishing credit, is called ____________. A) a budget B) personal financial planning C) an allowance D) a credit card

B) personal financial planning

What is the definition of the word "wants"? A) To postpone satisfaction until a later time B) To desire greatly; wish for C) Specific, measurable, attainable, relevant, and time-bound goals D) A principle, standard, or quality considered worthwhile or desirable

B) to desire greatly; wish for

Explain the difference between "needs" and "wants" in financial planning. A) "Needs" are non-essentials like music CD's, while "wants" are essentials like food, shelter, and clothing. B) There is no difference between "needs" and "wants" C) "Needs" are essentials like food, shelter, and clothing, while "wants" are non-essentials such as movies and eating out. D) "Needs" are things you want, while "wants" are things your parents think you should save up for.

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

Ceretta wanted to buy a new video camera, so she developed her own financial planning process to achieve that goal. She showed it to you, to see if you would recommend any changes. You told her that the steps were good, but that you would rearrange the order. How would you recommend she order her steps? 1. Create a Plan 2. Analyze Information 3. Set Goals 4. Monitor and/or Modify the Plan 5. Implement the Plan A) 1,3,2,4,5 B) 2,3,1,5,4 C) 3,2,1,5,4 D) 3,1,2,4,5

C) 3,2,1,5,4

A __________ is a tool used for classifying and categorizing. A) Multi-Flow map B) Tree map C) Brace map D) Double Bubble map

C) Brace map

A __________ is used to analyze a physical object and its parts. A) Circle map B) Tree map C) Brace map D) Bridge map

C) Brace map

A _________ is used for seeing cause-and-effect. A) Flow map B) Tree map C) Multi-Flow map D) Bridge map

C) Multi-Flow map

A similar phrase that fits both sides on an analogy is a _________ . A) Flow map B) Tree map C) Relating factor D) Bridge map

C) Relating Factor

What is the definition of the term "SMART goals"? A) A condition requiring supply or relief; to be in need or want B) A principle, standard, or quality considered worthwhile or desirable C) Specific, measurable, attainable, relevant, and time-bound goals D) An aim or purpose; an end to which effort is directed

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

Define "cash flow" A) The speed with which an employer makes an automatic deposit B) The same thing as interest earned, as in a savings account C) The measure of the money you receive and the money you spend D) A difference between the amount of money you are being paid and the amount you save

C) The measure of the money you receive and the money you spend

Preston saved his money for three years so that he could buy a car on his 16th birthday. His dad told him, "If you buy the car, then I'll pay the insurance." However, Preston's dad lost his job a month before Preston's birthday, and told him that he couldn't pay for insurance until he go another job. Preston was really mad at his father because he had saved up for three years and now couldn't buy a car. What should you tell Preston about financial planning to help him understand his father's position? A) "You should realize that your goal was unrealistic" B) "You should realize that your plan was too ambitious" C) "You should realize that your plan is not your father's plan" D) "You should realize that your wants are secondary to your dad's needs right now."

D) "You should realize that your wants are secondary to your dad's needs right now."

What is the definition of the word "values"? A) To postpone satisfaction until a later time B) To desire greatly; wish for C) Specific, measurable, attainable, relevant, and time-bound goals D) A principle, standard, or quality considered worthwhile or desirable

D) A principle, standard, or quality considered worthwhile or desirable

What is the definition of the word "goal"? A) To postpone satisfaction until a later time. B) To desire greatly; wish for C) Specific, measurable, attainable, relevant, and time-bound goals D) An aim or purpose; an end to which effort is directed

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

The map used for seeing analogies is a ________. A) Circle map B) Tree map C) Bubble map D) Bridge map

D) Bridge map

A ______ is used for describing qualities. A) Tree map B) Flow map C) Double Bubble map D) Bubble map

D) Bubble map

Fixed expenses cost the same every time and are often a set monthly payment. Which listed below isn't a fixed expense? A) Gym membership B) Car loan C) Cellphone bill (unlimited) D) Car Insurance

D) Car Insurance

A tool used to compare and contrast is a ___________. A) Circle map B) Multi-Flow map C) Bubble map D) Double Bubble map

D) Double Bubble map