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Financial Literacy Terms Review Quiz #1 GLS3O4O Flashcards | StudBud

Explore/Financial Literacy Terms Review Quiz #1 GLS3O4O

Insurance is...

What is an expense?

Financial Literacy Terms Review Quiz #1 GLS3O4O

10 terms·StudBud Administration·8 plays

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Questions 10

Answers

1
What is an expense?
What you earn when you work
Your annual salary
Your hourly wage
Something you have to pay for in your budget
2
Insurance is...
An expense you pay to cover the cost of emergencies such as flooding
What you receive from a landlord when you rent
An income the bank pays you when you buy a house
Interest you earn on an RESP
3
The desire to flaunt purchases or impress by displaying your wealth is called Conspicuous Consumption.
False
True
4
Property taxes are...
Tax you pay for municipal services when you own property
None of the above
Tax you pay to rent a property
Tax that you pay when you first purchase a property
5
When you first rent a property, you will be asked to pay both first and last month's cost of rent:
True
False
6
The level of goods and services that your income can buy:
Conspicuous Consumption
Quality of Life
Expenses
Disposable Income
7
Bi-weekly payments are made...
Twice a year
Once a week
Every two months
Every two weeks
8
Income after necessities have been paid for:
Disposable Income
Discretionary income
Net income
Gross income
9
Income after pay cheque deductions (income tax, CPP, EI):
Expenses
Gross Income
Disposable Income
Discretionary Income
10
What is a security deposit?
A mortgage term
a fee you pay with rent to cover potential damages
Something you give a bank when you set up an account
A source of income