Financial Life Cycle Flashcards Preview

Business > Financial Life Cycle > Flashcards

Flashcards in Financial Life Cycle Deck (10):
1

What is the difference between needs and wants?

Needs are items you need to survive and Wants are items we want but could do without.

2

Give 3 examples of needs and wants?

Needs:
Water, food, shelter.
Wants:
PS4, Car, Jewellery

3

Give the Goal, Income and expenditure of childhood?

Goal: Understanding Money
Income: Pocket Money
Expenditure: Minimal Toys and snacks

4

Give the Goal, Income and expenditure of Teens?

Goal: Start savings plan
Income: part-time job
Expenditure: clothing, socializing

5

Give the Goal, Income and expenditure of 20 to 30 year olds?

Goal: Save for big purchase (Car/holiday)
Income: Wages
Expenditure: Rent

6

Give the Goal, Income and expenditure of 25 to 35 year olds?

Goal: Purchase a home
Income: Overtime
Expenditure: Utility Bills

7

Give the Goal, Income and expenditure of 35 to 65 year olds?

Goal: Grow your Pension
Income: Child Benefit
Expenditure: Children Education

8

Give the Goal, Income and expenditure of people who are retired?

Goal: Make A Will
Income: Pension
Expenditure: Travel

9

At what age do people usually retire?

60-70

10

What is the definition of the financial life cycle?

A series of stages people go through in their lives each stage has different financial goals, income and spending.