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Financial Literacy vocabulary Flashcards | StudBud
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Financial Literacy vocabulary
Financial Literacy vocabulary
17 terms
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StudBud Administration
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Financial Literacy, maths.
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
What is income?
Money you pay to other people.
Money you earn from work or other sources.
Money you find.
2
What is a consumer?
Someone who buys and uses the goods and services.
Someone who sells things.
3
Is a budget....
A small amount of money
A loan from the bank
A plan showing your income and your costs.
4
What is a trade-off?
Work someone does for you.
When you swap something you have to get what you want.
What is taken from you for something else.
Work you do with your hands.
5
Tax is...
Money you are paid
Money you pay to the Government.
6
What is interest?
Money you get from working.
Money you pay to the place you borrow money from.
Money you get from saving your money.
Money you pay for things you want.
7
In NZ we pay tax for...
Things we buy and services we use (GST)
Everything.
Our income (PAYE)
Nothing
8
What is profit?
Money you have.
Money you make after you pay your bills.
Money you use to buy things.
9
What is a cost?
The price of buying things or paying for things to be done.
Money given to you
Money you get from working.
10
Whats a goods and a service?
Service: Things people do for you.
Goods: Things you use.
Goods: Things that are good to have.
Service: fixing your car.
11
What is a loan?
Money you borrow and don't need to pay back.
Money you are given.
Money you borrow and have to pay back.
12
What is a want and a need?
Need: must have.
Want: must have.
Want: would like to have.
Need: would like to have.
13
What is a wage?
Wage: income paid by the hour.
Wage: income paid by the year.
14
Paying for things is called?
Cost
Spending
Income
Saving
15
Where does income come from?
Benefit/Work
Money you give others
16
What is a salary?
Income paid over the year
Income paid by the hour.
17
Savings are...
Money you earn
Money you give away
Money you are given
Money you do not use, you keep for later.
