SS8B Unit 2 Personal Finance and Money Management

Front

What is true about worker's who have earned bachelor's degrees and those who have not? Options: Workers without bachelor's degrees earn more than those with bachelor's degrees. Workers with bachelor's degrees have worse job prospects than those without. Having a bachelor's degree does not impact a worker's earnings or job prospects. Workers with bachelor's degrees generally earn more and have better job prospects.

Back

Workers with bachelor's degrees generally earn more and have better job prospects.

Answer explanation

Workers with bachelor's degrees generally earn more and have better job prospects.

Front

What are some steps a person can take to control spending?

Back

Create a budget, track expenses, avoid impulse purchases, compare prices before buying, and set financial goals.

Answer explanation

To control spending, a person should create a budget, track expenses, avoid impulse purchases, compare prices before buying, and set financial goals.

Front

What is non-essential spending?

Back

Non-essential spending is purchases that are not necessary for basic living needs or long-term financial goals.

Answer explanation

Non-essential spending is purchases that are not necessary for basic living needs or long-term financial goals.

Front

What are some likely ways non-essential spending may be increased? Options: Regular savings, budgeting, investing in assets, Charitable donations, frugal living, reducing debt, Minimalist lifestyle, avoiding unnecessary expenses, financial planning, Impulse buying, frequent dining out, unnecessary subscriptions, and excessive shopping

Back

Impulse buying, frequent dining out, unnecessary subscriptions, and excessive shopping

Answer explanation

Impulse buying, frequent dining out, unnecessary subscriptions, and excessive shopping are likely ways non-essential spending may be increased.

Front

What are needs?

Back

Basic requirements for human survival and well-being.

Answer explanation

Needs refer to basic requirements for human survival and well-being, making them essential for sustaining life and health.

Front

What are wants?

Back

Wants are desires that are not essential for survival.

Answer explanation

Wants are desires that are not essential for survival.

Front

What are fixed expenses?

Back

Regular, predictable costs that remain constant each month.

Answer explanation

Fixed expenses are regular, predictable costs that remain constant each month.

Front

What are some examples of fixed expenses?

Back

Rent or mortgage payments, insurance premiums, subscription services

Answer explanation

Examples of fixed expenses include rent or mortgage payments, insurance premiums, and subscription services.

Front

What is the purpose of creating a monthly budget?

Back

The purpose of creating a monthly budget is to track income and expenses, prioritize spending, save for future goals, and avoid overspending.

Answer explanation

The purpose of creating a monthly budget is to track income and expenses, prioritize spending, save for future goals, and avoid overspending.

Front

What is bankruptcy?

Back

Bankruptcy is a legal process where individuals or businesses unable to repay their debts seek relief from some or all of their debts.

Answer explanation

Bankruptcy is a legal process where individuals or businesses unable to repay their debts seek relief from some or all of their debts.