FYE Chapter 6 Study Guide, Practice Questions and Review Notes 2026
your financial goals need to be - ANS ✔✔realistic
____ and ____ cause more people to drop out of college than any other factors - ANS
✔✔money problems and debt
jobs and internships - ANS ✔✔-help pay the bills
-experience for resume
-contacts for later job search network
-employment references
what to look for when getting a job - ANS ✔✔-what kinds of people will you be interacting
with?
-Is the job flexible enough to meet a college student's needs?
-• What will you be able to say about your work in your future résumé?
work for yourself - ANS ✔✔-tutor
-sell technical skills
-sell you old things
-provide service to faculty members and residents
essential cost - ANS ✔✔-room or rent/ mortage, utilities, and groceries
-college tuition, fees, textbooks, supplies
-transportation
-insurance
-dependent care
, -essential personal items (some clothing, hygiene items)
principles to spending less - ANS ✔✔-be ware of your spending
-look for alternatives
-plan ahead to avoid impulse spending
-be smart (shop around)
tips to success: spending less - ANS ✔✔-make your own lunch
-use free wifi
-cancel cable
-shop at thrift shops
-buy generic products
-compare prices online
-
budgeting involves - ANS ✔✔analyzing your income and expenses so you can see where your
money is going and making adjustments when needed to avoid debt
managing a budget involves three steps - ANS ✔✔1.Listing all your sources of income on a
monthly basis.
2.Calculating all your expenditures on a monthly basis.
3.Making adjustments in your budget (and lifestyle if needed) to ensure the money isn't going
out faster than it's coming in.
tracking income - ANS ✔✔-consider all your sources of funds and convert them to a monthly
number
-
your financial goals need to be - ANS ✔✔realistic
____ and ____ cause more people to drop out of college than any other factors - ANS
✔✔money problems and debt
jobs and internships - ANS ✔✔-help pay the bills
-experience for resume
-contacts for later job search network
-employment references
what to look for when getting a job - ANS ✔✔-what kinds of people will you be interacting
with?
-Is the job flexible enough to meet a college student's needs?
-• What will you be able to say about your work in your future résumé?
work for yourself - ANS ✔✔-tutor
-sell technical skills
-sell you old things
-provide service to faculty members and residents
essential cost - ANS ✔✔-room or rent/ mortage, utilities, and groceries
-college tuition, fees, textbooks, supplies
-transportation
-insurance
-dependent care
, -essential personal items (some clothing, hygiene items)
principles to spending less - ANS ✔✔-be ware of your spending
-look for alternatives
-plan ahead to avoid impulse spending
-be smart (shop around)
tips to success: spending less - ANS ✔✔-make your own lunch
-use free wifi
-cancel cable
-shop at thrift shops
-buy generic products
-compare prices online
-
budgeting involves - ANS ✔✔analyzing your income and expenses so you can see where your
money is going and making adjustments when needed to avoid debt
managing a budget involves three steps - ANS ✔✔1.Listing all your sources of income on a
monthly basis.
2.Calculating all your expenditures on a monthly basis.
3.Making adjustments in your budget (and lifestyle if needed) to ensure the money isn't going
out faster than it's coming in.
tracking income - ANS ✔✔-consider all your sources of funds and convert them to a monthly
number
-
