personal finance

Front

What is a balanced budget?

Back

A balanced budget is when income is equal to or greater than expenses.

Front

True or False: A balanced budget is when expenses are greater than income.

Back

False

Front

What is a mortgage used for?

Back

A mortgage is used for buying land or premises.

Front

True or False: A budget helps people make responsible economic decisions.

Back

True

Front

What does 'repossess' mean?

Back

To take back possession of something.

Front

What is personal finance?

Back

Personal finance refers to the management of individual or household financial activities, including budgeting, saving, investing, and planning for future expenses.

Front

What is the purpose of a budget?

Back

The purpose of a budget is to plan and control spending, ensuring that expenses do not exceed income.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant each month (e.g., rent), while variable expenses can fluctuate (e.g., groceries).

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What is an emergency fund?

Back

An emergency fund is savings set aside to cover unexpected expenses or financial emergencies.

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What is interest?

Back

Interest is the cost of borrowing money, usually expressed as a percentage of the amount borrowed.