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FutureSmart - Mod 2 Review Flashcards | StudBud

Explore/FutureSmart - Mod 2 Review

FutureSmart - Mod 2 Review

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Financial review from Everfi's "FutureSmart" program; Seeds of Financial Literacy! #penegar #middleschool #everfi

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Questions 10

Answers

1
What is an example of TAX?
money the government takes out of your paycheck
money for military, NASA, social security, medicare
money for roads, firemen, schools, and city parks
money the government takes out of anything you buy
2
What is NOT a fixed expense?
electric bill
cell phone bill
a Halloween costume
rent or mortgage payment each month
3
What is discretionary spending?
money taken out of your paycheck by the government
what you can decide to spend your money on
a trade-off based on what you buy
bills that come every month that you must pay
4
What is a budget?
a plan for your income and expenses
a checklist of what you spend money on
money you receive for working
deciding what to spend money on
5
How do you avoid paying interest on credit cards?
pay the minimum each month
just hide from the creditors
Pay what you owe in full each month
never pay your bill
6
What is the "Golden Rule" of Credit Cards?
Buy everything you can now, because it will be gone tomorrow
Don't spend money that you don't have
Borrow as much as you can, pay back a little at a time
Treat others as you would treat yourself
7
Should you ever change your budget once you sit down and write one?
no
yes
8
What is opportunity cost?
The cost of opportunity
the trade-off when purchasing one thing over another
the opportunity to spend money
planning your expenses
9
Pick something that is more a WANT than a need:
water
clothing
a cell phone
Gucci-brand clothing
10
What is salary?
money that you spend
a fixed amount of money you will receive every month
a paycheck based on hours you have worked
green, leafy foods