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8th Grade Financial Literacy Flashcards | StudBud
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8th Grade Financial Literacy
The purpose of renters insurance is
How do goals help save money?
8th Grade Financial Literacy
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1
How do goals help save money?
what is a goal?
goals let you spend money on unneeded expenses
they help you manage how much you can spend
they don't
2
The purpose of renters insurance is
insure tenants against losses due to burglary or fire
cover the cost of any damages a tenant does to the apartment
protect landlord if tenant fails to make rent payments.
pay the rent in the event that a tenant loses a job
3
What are Expenses?
Paychecks
Money coming in
Money going out
Gift of money you receive
4
What is an advantage of renting over buying a home?
Tax deductions
Increase in property value
Home improvement flexibility
Lower initial costs
5
How can I save my money for a video game?
Put money in a piggy bank
Put away $5 every week from allowance
Put away Birthday and Holiday money
Set a goal and make a plan
6
How can your income increase?
Lowering your spending
Ask for a raise
Working Overtime hours
Get a second job
7
What is not true about a checking account?
You can use an ATM or debit card.
You can access money by writing checks.
It is used to save money.
You can pay for things without carrying cash.
8
What is a need?
Something you sell
Something expensive
Something that you need to live
9
Define Emergency Fund
pocket expenses
Money for emergency
Extra money set aside to be used for unpredictable expenses
monthly expenses
10
A plan for how to earn, save and spend your money.
Benefit
Budget
Experience
Earn
11
An additional cost of owning a car is
maintanance
gas
insurance
repairs
12
The cost of living in Iceland is so high because so many food products have to be ____
exported
imported
13
What is income?
credit card
The money you spend.
account balance
The money you earn.
14
How does the 50/30/20 rule of thumb for budgeting allocate your income?
50% Savings & Debt Repayment, 30% Wants, 20% Needs
50% Needs, 30% Wants, 20% Savings & Debt Repayment
50% Needs, 30% Savings & Debt Repayment, 20% Wants
50% Wants, 30% Needs, 20% Savings & Debt Repayment
15
What does cost of living include?
Housing
Electricity
IPhone
Vacations
16
our values influence what we want
false
true
