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Financial Responsibility Flashcards | StudBud
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Financial Responsibility
Financial Responsibility
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Flashcards
27 cards
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Questions
27
Answers
1
Money set aside for short or long term goals.
budget
credit
savings
interest
2
Stuff you do to make less dangerous or not dangerous at all.
interest
credit
risk management
risk
3
A person who starts a business and assumes the financial risk
Career
Job
Risk taker
Entrprenuer
4
A loan that a person uses to pay for things but is expected to pay back.
credit
debit
savings
Interest
5
A paid position that requires advanced training
entreprenuer
career
college graduate
job
6
Stuff you do to make less dangerous or not dangerous.
risk prevention
risk
risk management
borrowing
7
An activity or action that might be dangerous.
interest
expense
risk
debit
8
Is a protection plan to manage personal or household risks.
home equity
insurance
credit card
debit card
9
A set amount of money must be paid regularly, like rent, insurance or tuition.
extra expense
flexible expense
variable expense
fixed expense
10
What you want to achieve, helps give you direction in life?
Goal
Values
Need
Want
11
Plan to save money to buy a new game is a
Long term goal
Opportunity Cost
Short term goal
Want
12
A budget with sufficient income to cover all expenses
Expense
Budget
Balanced Budget
Income
13
Saving money for college or a car is a
Opportunity Cost
Long term goal
Need
Short term goal
14
A person who buys goods and services is a
Planner
Budget
Marketer
Consumer
15
Money set aside for short‐term or long‐term goals.
equity line
checking
risk management
savings
16
Electronically withdraws money from a person’s checking account
debit card
check
credit card
loan
17
The first step in the Decision-Making Process is
Decide and act
Define the problem
Pros and Cons
Examine alternatives
18
Amount of money the borrower pays for the use of lender's money.
credit
interest
savings
budget
19
The cost we pay when we give up something to get something else
Short term goal
Need
Opportunity Cost
Want
20
A paid position where earner gets an hourly wage
job
career
planner
entreprenuer
21
Expense that varies in amount & does not occur regularly like transportation or entertainment.
fixed expense
variable expense
flexible expense
extra expense
22
Using a budget
money regulation
online banking
budgeting
money management
23
A spending plan
Balanced Budget
Budget
Income
Expense
24
Strong beliefs, feelings or ideas about what you feel is important.
Wants
Goals
Values
needs
25
A loan a person uses to pay for things, but is expected to pay back.
long term loan
mortgage
credit
short term loan
26
What you must have to survive?
Need
Values
Goals
Want
27
The cost of goods and services
Opportunity Cost
Expense
Income
Budget