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Personal Money Management Flashcards | StudBud
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Personal Money Management
Personal Money Management
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SS6E13
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
Where does the money come from for a household to survive on a monthly basis?
Emergencies
Income
Expenses
Savings
2
Planning for the future is an essential part of the _________of a household.
saving
budget
expenses
debt
3
Which of the following is the best example of a financial emergency?
Expensive clothing
A flat tire
Vacation in Paris
Movie tickets
4
Which of the following is a reason to have money saved?
To avoid debt
To pay for a financial emergency
For a large scale purchase
All of the above
5
___________a type of income in which a person earn a certain percentage of what he or she sells
Commission
Retirement
Wage
Salary
6
Basic needs does NOT include which of the following?
food
housing
utilities
vacation
7
What are some parts of a detailed budget?
All of the above
Income
Savings
Expenses
8
Which of the following is the best definition of minimum wage?
The employees pick how much they would like to earn.
There is no minimum wage in the United States.
A legal way for companies to avoid payment
The government sets a minimum for companies to pay employees
9
Which of the following is based on a hourly exchange of labor for income?
Commission
Wage
Salary
Retirement
10
A household income must:
All of the above
Must not be spent on items the household can't afford
Meet the basic needs of the household
Must be manage responsibly
11
A firefighter or policeman earns which type of income?
None of the above
Wage
Salary
Commission
12
Which of the following is an example of a large scale purchase?
Car
All of the above
Major medical procedure
House
13
A budget is helpful because income is __________
plentiful
limited
work
money
14
____________is required for a household to be able to provide basic needs
Insurance
News
Income
Checks
15
A budget plan is to make sure that household can meet its basic needs.
True
False
16
A high-skill job typically pays more than a low-skill job.
False
True
