Personal Finance Ch. 1

Question 1

When a bank lets a person/group borrow money (loan)

Accepted Answer

Lending

Question 2

Interest rate that never changes vs an interest rate that can change during life of loan.

Accepted Answer

fixed vs variable rate

Question 3

Income is

Accepted Answer

the amount of money you earn

Question 4

Economy

Accepted Answer

A system in which goods and services are produced

Question 5

The best way to manage your money is to know your what?

Accepted Answer

Personality

Question 6

A plan for how income will be spent

Accepted Answer

Budget

Question 7

Amount of money gained and spent in a given period.

Accepted Answer

Financial Budget

Question 8

Winning with what is 20% knowledge and 80% behavior?

Accepted Answer

Money

Question 9

Which of the following was not apart of the 7 elements of good work ethic?

Accepted Answer

Commitment

Question 10

What must you do to accomplish your goals? This begins with your budget.

Accepted Answer

Make a detailed plan

Question 11

Putting money into something to gain profit

Accepted Answer

Investment

Question 12

When money is given to a borrower

Accepted Answer

Loan

Question 13

Name of a loan that is given for a home

Accepted Answer

Mortgage

Question 14

A variable expense is an amount you owe that stays the same, month after month.

Accepted Answer

False

Question 15

All of the decisions and activities of an individual or family regarding their money

Accepted Answer

Personal Finance

Questions 15