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New JC Fin Lif Cycle Test

Enter the letter for the matching Answer
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1.
Growing a career and family (30-65)
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2.
List sources of finance a person could have at different stages of their life.
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3.
Why is managing your finances important?
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4.
Explain benefits of managing your personal finances.
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5.
Starting a career (20-30)
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6.
Financial life cycle
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7.
Setting up a new home (25-35)
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8.
List the main stages of a typical personal life cycle.
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9.
List two potential sources of income people can have when they start their career.
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10.
Teenage and young adult (13-20)
A.
1.Grow income 2.Wise purchasing 3.Protect savings 4.Use banks 5.Borrow wisely 6.Use insurance 7.Understand taxes 8.Achieve financial security
B.
Protect your savings, grow your income, manage your spending and make wise purchases, reduce your financial risk, provide financial security, plan for retirement, borrow wisely.
C.
Pocket money-Income from doing odd jobs-Money received as a gift-Income from parttime job-Fulltime wage / salary-Profits from own business-Child benefit-Social welfare-Pension-Interest earned on savings-Profits from investments
D.
• Wages, salary • Profits from their own business
E.
-you live at home -food, clothing, shelter is provided for you -you may receive pocket money, gifts (no income), odd jobs, summer jobs or some part-time work (some income)
F.
Children means new expenses: -food, clothing, education, entertainment -expensive time but people earn the most income -children grow up and move out of the family home/financial burden on parents eases and have more money to spend on themselves
G.
-buying a home -getting married -decorating the new home, furniture, appliances etc… -insurance against fire and other risks. -all this means increased spending and managing your income wisely
H.
A series of stages which most people pass through during their lives. Each stage is different in terms of financial goals, income, spending and risk.
I.
• Childhood (0-12) • Teenage Years (13-20) • Starting a career (Typically 20-30) • Setting up a new home and getting married (Typically 25-35) • Growing a career and family (Typically 30-65) • Retirement (Typically from 65 onwards)
J.
-Full time job -earning own income -paying income tax -With your own income you can: -buy your own clothes -buy your own car -save for a holiday -buy things you want -move out of home -pay rent -paying household bills -paying for food
Type the Question that corresponds to the displayed Answer.
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11.
A means of protection from financial loss. It is a form of risk management.
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12.
-you live at home -food, clothing, shelter is provided for you -you may receive pocket money, gifts (no income) -usually no financial worries
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13.
Financial products that pay out money to people who have retired from work. People have to pay regularly (contributions) into this financial product during their working life.
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14.
between 60 and 70 most people retire from work-This means an end to earning but not to spending -this is why people have pensions

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Created by: MrFromholz
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