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Unit 10 Personal Money Management Flashcards | StudBud
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Unit 10 Personal Money Management
Unit 10 Personal Money Management
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Questions
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Answers
1
A saving and spending plan that is based on a person's income and estimated expenses.
Expense Plan
Pay Plan
Mortgage
Budget
2
You are paid $10.00 per hour. Your income is a ________.
Retirement
Commission
Salary
Wage
3
The current minimum wage in the U.S. is $______ per hour.
$4.75
$7.25
$10.00
$15.00
4
What is money that you earn from doing your job?
credit
budget
loans
income
5
If you only have $200.00 to pay your bills this month, choose what you should pay.
Electric bill $50.00
I'll wait until next month to pay my bills
Get a new outfit that costs $200.00
Rent $150.00
6
Trading your money in exchange for goods and services
Loan
Budgeting
Mortgage
Spending
7
You work for a car dealership and are paid a percentage of each car you sell. You are paid on a __________ basis.
Commission
Retirement
Wage
Salary
8
Choose the types of money from this list
Coins
Credit Card
Debit Card
Currency (cash)
9
The lowest wage allowed by law is
Minimum wage
$15.00
There is no law for wages
Maximum wage
10
How can you be responsible with your money?
Don't pay my bills this month so I can buy a new TV
Get a credit card with a $10,000 limit and go on a shopping spree
Pay my bills, buy a few things I want and save the rest
Buy a new car instead of paying $300.00 for new tires on your existing car
11
What is the difference in a credit card and a debit card?
a debit card is used as a loan
credit card is used to buy now and pay later
a credit card is used to buy something and does not have to be paid back
a debit card is used to buy now and pay later
12
Money that is borrowed from a bank to buy a house
Checking Account
Income Taxes
Mortgage
Auto Loan
13
You've worked 30 years for the same company. You will receive income even after you leave this job. You get a _____.
Commission
Wage
Retirement
Salary
14
A loan is money that you borrow but that you do not have to pay back.
True
False
15
Choose a wise financial decision from the list.
Buying the latest iPhone when mine is only a year old and works fine
Going to the grocery store and buying lots of junk food that cost $50.00
Pay extra on my car payment because my car is almost paid for
Take all of my savings and go on a really nice vacation
16
The process of projecting, organizing, monitoring and controlling future income and expenses
Personal Finance
Debt
Loan
Income
17
Income is unlimited.
True
False
18
Choose the forms of credit from this list
Debit Card
Coins
Mortgage
Credit Card
19
You get a job earning $40,000 per year. This is a fixed amount unless you get a raise. You are paid a ____________.
Salary
Commission
Retirement
Wage
20
After paying your bills and buying some things you want, you should
Put the left over amount into a savings account
You don't have money left over because you spend all of your money
Buy lottery tickets (you never know)
Buy 2 pairs of new shoes you really like (in case you crease one pair)
21
A bank or a credit card will charge a fee for using their money to purchase things. What is this fee called?
Extra money
Interest
Payroll
Interesting
22
Money that is owed
Cash
Debt
Paycheck
Gift