Financial Literacy Basics

18 termsStudBud Administration39 plays

Test your knowledge on fundamental financial concepts such as budgeting, revenue, profit, expenses, and more.

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
How is revenue calculated?
Total sales made
Profit after tax
Budgeted amount
Expenses paid
2
What does cost refer to?
Price you pay
Budget for expenses
Amount of revenue
Total profit made
3
What is tax?
Money for personal use
Total revenue earned
Cost of living expenses
Payment to the government
4
Which is an example of an expense?
Rent payment
Profit margin
Budget plan
Total revenue
5
What is the main goal of profit?
To cover expenses
To provide income
To pay taxes
To create a budget
6
True or false: Tax is optional for citizens.
True
False
7
What does expense mean?
Money earned from sales
Money spent on needs
Budget allocation
Total profit made
8
Which is a source of revenue?
Selling products
Calculating profit
Budgeting expenses
Paying taxes
9
What is the relationship between cost and price?
Cost is irrelevant
Cost affects price
Price is always higher
Cost is price paid
10
What is the purpose of a budget?
To determine profit
To calculate taxes
To track expenses
To increase revenue
11
What happens to profit after expenses?
It becomes revenue
It increases expenses
It pays taxes
It can be saved
12
What does a budget help you do?
Increase expenses
Pay less tax
Earn more
Spend wisely
13
What is revenue?
Profit after taxes
Budget for the month
Money spent on expenses
Total earnings from sales
14
Which of these is not a type of expense?
Rent
Profit
Supplies
Food
15
Which of these is a benefit of budgeting?
Less revenue
Better financial control
More expenses
Higher taxes
16
True or false: Profit is what you keep after expenses.
False
True
17
What is profit?
Total sales amount
Revenue minus tax
Cost of goods sold
Money after expenses
18
What is a budget?
Amount of tax paid
Cost of living
Total revenue earned
Plan for spending

Financial Literacy Basics Flashcards | StudBud