stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
fin lit U1 behavior economics vocab Flashcards | StudBud
Explore
/
fin lit U1 behavior economics vocab
fin lit U1 behavior economics vocab
34 terms
·
StudBud Administration
·
92 plays
Imported from external platform
Flashcards
34 cards
F
Practice quiz
P
Host live
L
Questions
34
Answers
1
What is an emergency fund?
Money set aside under a heavy object in your bedroom
Money that was lost unexpectantly in a fire
Money set aside for unanticipated expenses or loss of income
Money that was found when you were not expecting it
2
What is a deduction?
Any items subtracted from your paycheck, including your clothes
Items that are unexpected in your paycheck such as for charity
Items subtracted from your paycheck, including state & federal taxes
Items added to your paycheck, including state income taxes
3
What are expenses?
Services that you don't have to pay for such as free lunch
Items that you want but are unable to pay for at this time
Items or services you might pay for if you are hungry
Items or services you pay for such as rent, groceries, entertainment
4
Is it a good thing to have a surplus.
False
True
5
What is a variable expense?
A cost that is unknown to the IRS
A cost that appears regularly that stays the same
A cost that is sometimes a surprise like a Christmas gift
A cost that appears irregularly or that changes in amount
6
What is a down payment?
A portion of the total cost of the coffee expense for the office
A portion of the total cost that is unknown
A portion of the total cost of an item that is given to charity
A portion of total cost of an item that is paid at the time of purchase
7
What is wealth?
A measurement of your assets minus your liabilities
A measurement of how much money I spend on coffee
A measurement of how much your rent is compared to your roommates
A measurement of your liabilities minus your assets
8
What is gross pay?
Total earnings plus the taxes to pay the IRS
Total earnings before any deductions are taken
Total earnings after any deductions are taken
Total earning that equal to the amount to pay for garbage removal
9
What is a 50/30/20 budget?
A budget that uses 50% to rent, 30% to food & 20% to clothes
A budget that uses 50% to needs, 30% to wants & 20% to savings & debt repay
A budget that uses 50% to debt repay, 20% to needs & 30% to travel
A budget that uses 20% to needs, 30% to savings & 50% to spending
10
What is a wage?
An amount of money that isn't fair
A variable amount you are paid for every hour that you work
An amount of money that is fair
A set amount you are paid for every hour that you work
11
What is the cost of living?
The amount of $ needed to send your children to college
The amount of $ needed to sustain a level of living including expenses
The amount of money needed to buy yourself a coffee every day
The amount of $ needed to save some $ to send to your family
12
What is a salary?
A fixed amount that you are paid, regardless of how many hours you work
A fixed amount that you are saving
It is just like being an hourly paid employee
A fixed amount of money that is taken out of your paycheck
13
What is the Pay Yourself First strategy?
You spend on your bills first
You save a specific amount of your paycheck before anything else
A strategy designed to increase your earning power in real time
A strategy where you combine all of the totals from the household
14
What is income?
Money that is spent trying to find a job
Money that is received as a gift on Christmas Day
Money that is spent to purchase Christmas gifts
Money that is received from work, investments, business, etc.
15
What is a living wage?
The highest income needed to save over 50% per year
The lowest income that will feed a family who has 8 children
The highest income necessary for a worker to spend a lot every month
The lowest income necessary for a worker to meet their basic needs
16
Some examples of utilities are water, sewer, electricity & heat.
True
False
17
What is a residential lease?
A contract between the tenant & landlord of who likes to drink coffee
A contract between the tenants that has nothing to do with the landlord
A contract between the roommates that outline who will make dinner
Contract between tenant & landlord providing the terms & costs of renting
18
What does low income mean?
Not having a home that you own
Not having more spending money left over every month
Not earning more money than your parents
Not having or earning much money
19
What are fixed expenses?
A cost that can be expected at regular intervals & remains the same amount
A cost that is unexpected and changes a lot over time
A cot that is not expected every month or year
A cost that can be deducted from your tax return
20
What is public transportation?
Buses, trains, subways that aren't available to the public
Buses, trains, subways that are in cities
Buses, trains, subways that are hard to find
Buses, trains, subways that are available to the public
21
What are "wants"?
Expenses that help you move to a new home
Expenses that don't help you live more comfortably
Expenses that help you live more comfortably
Expenses that are shared among roommates
22
What is a unit price?
The cost of one item that is different from other items
Cost for one item that allows it to be easily compared to other products
The cost of 10 items that are delivered
The cost for many of the same item
23
What is a zero-based budget?
A budget where every role is studied such as spending
A budget where some spending is expected
Budgeting method where some money is accounted for
Budget where every anticipated earning is assigned a role
24
What is variable income?
Income that doesn't vary from week to week or month to month
Income that is reported on your taxes
Income that varies from week to week or month to month
Income that isn't reported on your taxes
25
What is a deficit?
When you aren't sure what your expenses are
When your income exceeds your expenses
When you aren't sure what your income is
When your expenses exceed your income
26
What is your financial literacy teacher's name
Ms. Gafeta
Ms. Giuffrida
Ms. Jones
Ms. Jufrida
27
What is a surplus?
When your income exceeds your expenses & you have money leftover
When your expenses exceeds your partners expenses
When your expenses exceeds what you were planning on spending
When your income isn't enough so you need a second job to live
28
What is a budget?
A plan of expected income & how to use it to meet expected expenses
A plan of expected spending & how much to spend in which month
A plan of income that is variable & where to spend it
A plan about $ & when to worry about it
29
What is net pay?
Total earnings after the employer contributes to your 401K
Total earnings after payroll taxes & other deductions have been taken out
Total earnings before payroll taxes & other deuctions have been taken out
Total earnings of all of the workers in one household
30
What are utilities?
Basic services your home or business needs to keep it functioning
The services that would be nice to have but not needed
Basic services your home needs to keep it as nice as your neighbors
Extra services that you might be able to afford if you work
31
What is the cash envelope budget?
A budget for monthly spending is placed under your pillow
A budget for daily spending that is a lot quicker
A budget for yearly spending that is top secret
A budget for monthly spending is in cash & placed in labeled envelopes
32
What are needs?
Expenses that are tax deductible by the IRS
Expenses that are essential for you to be able to live & function
Expenses that would be nice to share with your loved ones
Expenses that are not essential for you to live & function
33
What is fixed income?
Income that remains open to the public in a school setting
Income that remains the same from week to week or month to month
Income that remains the same until you get too much & then it changes
Income that changes a lot throughout the year
34
What is Renters Insurance?
Form of property insurance, available to renters, that covers losses
Form of property insurance, available to owners, that covers losses
A form of property insurance that covers things depending on season
A form of property insurance that doesn't cover a lot
