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Weaver 5.3 & 6.1
| Question | Answer |
|---|---|
| Budget | Plan for spending and investing money to meet wants and needs; helps you live within your income. |
| Budget Variance | Difference between the budgeted amount and what was actually spent (surplus if less, deficit if more). |
| Fixed Expenses | Costs that stay the same each month (rent, car payment, insurance, student loans). |
| Variable Expenses | Costs that can change month to month (food, medical bills, transportation, utilities). |
| Steps to Creating a Budget | Set financial goals, estimate income, budget for unexpected expenses, record expenses. |
| What makes a successful investment | Carefully planned and tied to your goals, Practical and flexible, Easily accessible for regular updates. |
| Savings Accounts – How They Can Help | Pay for expensive items or repairs, Fund retirement or long-term expenses (college, big purchases), Provide a cushion for emergencies. |
| Ways to Increase Your Savings | Pay yourself first, payroll savings, spend less to save |
| Unit Pricing | Shows the cost per standard unit (like per ounce or per pound) to compare products. |
| Implied Warranty | Unspoken guarantee that a product will work as expected. |
| Express Warranty | Written or spoken guarantee from the seller. |
| Labels | Information on products about ingredients, care, safety, or origin. |
| Marginal Cost | Additional cost of producing or buying one more unit. |
| Marginal Benefit | Additional satisfaction or benefit from one more unit. |
| Factors That Influence Buying Decisions | Personal preferences, economic factors, social factors, cultural factors, marketing. |
| Four phases of consumer purchasing | Recognizing needs or wants, gathering information, making the purchase, post-purchase evaluation. |
| Smart Buying Strategies | Compare prices, read labels carefully, check warranties, consider costs and benefits, and shop wisely, and seek reliable sources. |