facs money day 1

Front

What is the definition of a "need"?

Back

Things you need to survive

Front

Which of the following is an example of a "want"? Food, Water, New video game, Shelter

Back

New video game

Front

What is a budget?

Back

A plan for our money made up of income and expenses

Front

Which of the following is considered income? Rent, Insurance, Paycheck, Shopping

Back

Paycheck

Front

What is an example of an expense?

Back

Rent

Front

What is the goal of a balanced budget?

Back

To ensure expenses do not exceed income

Front

What does "opportunity cost" refer to?

Back

The next best alternative given up by making a decision.

Front

Why is it important to consider your source when researching a product?

Back

To ensure the information is unbiased and accurate

Front

What is comparison shopping?

Back

Comparing prices at different stores

Front

What is sales tax?

Back

The tax you pay when purchasing an item.