Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
22 Personal Finance
Vocabulary & Questions
| Question | Answer |
|---|---|
| Personal Finance | How money is managed |
| Income | $ earned from working or investments |
| spending | trading $ in exchange for goods or services |
| Budget | A plan for saving and spending income |
| credit | buying something now & paying for it later (Plus interest) |
| Saving | $ set aside for later use, (large purchase or an emergency.) |
| Investment | putting $ into stocks, bonds, real estate. HIGH RISK but offers profitable (SSS) returns. HIGH RISK, HIGH REWARD |
| Debt | the money borrowed (but has not been repaid) from when you have spent more than you have; the state of owing money |
| Interest | A fee paid for the use of borrowing money. The cost of borrowing money. |
| Credit Card | a small plastic card issued by a bank, allowing a person to purchase goods or services on credit |
| Debit Card: | a plastic card from a bank. Money for the purchase is immediately transferred from your account to the seller. |
| Jonathon has a weekly disposable income of $50.00. Which option carries the HIGHEST risk of Jonathon losing his money without receiving any benefit? LOANING a friend $ or putting his $ in the bank? | Loaning his friend $ is a HIGH RISK thing! |
| Each month, Malia has $200.00 of disposable income after she has paid for all of her necessities each month. How could Malia likely increase the value of her money the MOST if there were no risk involved in any option? | INVEST IN THE STOCK MARKET |
| Which type of job would a person likely earn the MOST income from over a yearlong period? | a full-time, high-skill job |
| What do personal budgets help people do? | manage their incomes |
| What does creating and following a personal budget help people do? | save money for emergencies |
| A reminder is given to families: “Expenses that you can budget for, so you have money saved to pay for unplanned or annual bills.” What is the reminder telling the families about unplanned expenses? | They should set aside a certain amount for unexpected expenses in their budgets. |
| A family faces unexpected expenses, such as when one of their dogs gets sick. This year, they received a $5,000 income tax refund. Which option below represents a wise compromise between giving themselves a treat and preparing for unexpected expenses? | spend $1,000 on things they want and save the rest for unexpected expenses |
| Abe, a 35-year-old teacher, is saving money for five things: 1. Retirement 2. A bowling ball 3. A family camping trip in the summer 4. His 7-year-old son’s college tuition 5. His 15-year-old daughter’s college tuition MEDIUM TERM SAVINGS GOAL? | 5 only |
| Which items from the list represent short-term savings goals for 35 year old Abe? 1. Retirement 2. A bowling ball 3. A family camping trip in the summer 4. His 7-year-old son’s college tuition 5. His 15-year-old daughter’s college tuition | 2 and 3 |
| Which items from the list represent long-term savings goals for 35 year old Abe? 1. Retirement 2. A bowling ball 3. A family camping trip in the summer 4. His 7-year-old son’s college tuition 5. His 15-year-old daughter’s college tuition | 1 and 4 |
| What is a benefit of saving money in a bank? | Money in savings accounts earns interest. |
| Which of the following is an advantage a family gets from setting aside money for unplanned expenses as part of their budget? | It prevents them from going into debt to pay for unplanned expenses. |
Created by:
ssha13
Popular Social Studies sets