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Personal Finance, Understanding Terms Flashcards | StudBud
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Personal Finance, Understanding Terms
Personal Finance, Understanding Terms
24 terms
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A foundational vocabulary Quiz!
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
If I am a consumer I.....
eat a lot of burgers.
sell things.
conduct genome experiments on narwhals.
purchase products and/or services.
2
Wages are ...
the interest I earn on loans.
the monies earned hourly from completing work.
... gambling bets I make.
3
If I set money aside for short/long term goals, I am....
wicked smaht!
showing financial literacy.
...all of the above.
saving.
4
A gift card is
like having a certain amount of cash and that's it.
a loan.
like a credit card, you pay it back.
something that accrues interest.
5
The interest on a credit card ....
increases the amount of my debt.
decreases the amount of my debt.
neither.
6
An expense is
interest I earn on an investment.
the cost of things I spend money on.
a bonus you get when you do a good job.
7
I owe more money on my car than it is worth, therefore it is...
both an asset and a liability.
neither an asset nor a liability.
a liability.
an asset.
8
Having the knowledge and skills to manage money is called...
decision making.
financial literacy.
basic knowledge.
9
The two most important factors in budgeting are...
bills and expenses.
income and expenses.
debts and investments.
none of the above.
10
Comparison shopping is when
none of the above...
I compare the cost of an item offered by different vendors .
my friends and I show each other what we bought.
I compare how much I spent to the last time I shopped.
11
The difference between a want and a need is...
I can do without a want but not a need.
the spelling.
that I can do without a need but not a want.
that they are of equal importance.
12
When the price of goods raises over time it is called...
income.
inflation.
bad luck.
interest.
13
Salary is...
Pay I earn over a year, paid weekly, bi-weekly, or monthly.
a crunchy vegetable
The hottest new dance move!
the money I earn each hour at my job.
14
The interest on the money I invest ...
neither.
subtracts from the amount invested.
adds value to the amount invested.
15
I chose to spend my money on a pair of sneakers and now I can't afford to go out to eat.
My cost opportunity is the meal out.
My cost opportunity is the sneakers.
16
A credit card...
is all of the above.
has to be paid back.
is a type of loan.
accrues interest on the amount borrowed.
17
An example of an asset is...
both of these.
a house I own.
neither of these.
a car I own.
18
Taxes are...
a new way to do math.
fees on income/ purchases/ property that support government.
a way to balance your budget.
an incurable disease.
19
My net worth is ...
based on how much I help others.
the sum of my assets minus all of my liabilities.
none of the following
the sum of my assets.
20
The plan I make that tells my money where to go is called...
personal finance.
having debts.
a budget.
investing.
21
A debit card ...
is a way to access money you have in the bank.
has to be paid back
...accrues interest on charges.
is a type of loan.
22
Income is money received from ...
wages
all of the above
intrest on investments
profit on sales or services
23
Credit is
when people say you did a good job.
the granting of a loan that creates debt.
none of the above
created when you take a college class.
24
Personal finance is all about the decisions we make about money which include(s):
saving and spending.
All of the above.
planning for the future.
earning and budgeting.
