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Finance Pt. 1 Flashcards | StudBud

Explore/Finance Pt. 1

Which of the following is a “want” instead of a “need”?

What is an advantage of saving?

Finance Pt. 1

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Questions 10

Answers

1
What is an advantage of saving?
Helps achieve financial goals.
Absolutely nothing.
You can buy more things.
2
Which of the following is a “want” instead of a “need”?
Utilities
Rent
Groceries
Restaurant meals
3
Salary is
A payment that you owe.
A fixed amount you save each month.
A fixed payment for services.
4
A budget is a plan for spending and saving your income.
True
False
5
Which of the following is NOT a balanced budget, with a monthly income of $1,000?
$600 for bills, $300 for savings, $100 for spending
$600 for bills, $250 for savings, $150 for spending
$450 for bills, $400 for savings, $150 for spending
$725 for bills, $50 for savings, $250 for spending
6
Net income is
That amount that remains after you put money into your savings.
The amount that remains after expenses are deducted.
The total of your salary and savings account.
Your monthly salary.
7
Income is
the amount of money you lend
the amount of money you save
the amount of money you earn
the amount of money you spend
8
This happens when the total amount of $ spent or saved equals the total income.
a financial institution
a balanced budget
sales tax
income taxes
9
Why is money management important?
It will ensure that I spend all of my money.
It will help me to save and spend appropriately.
It really isn't important.
It will make me rich with little effort.
10
Borrowing money from the bank has no fee, as long as you pay it back on time.
True
False