Vocational Math Semester 1 Review

Front

What is a credit limit?

Back

How much money you can borrow using that card.

Front

What is the first thing you have to do to get a credit card?

Back

Fill out an application.

Front

What is 'Money spent (-) on items or services'?

Back

Expense.

Front

If I have $10, and I want to buy a pair of shoes for $20, is it in my budget?

Back

No.

Front

What is the definition of an expense?

Back

Money spent on items or services.

Front

What is the purpose of a credit card application?

Back

To assess your eligibility for a credit card.

Front

What does it mean to be 'in the red'?

Back

To have a negative balance or owe money.

Front

What is a budget?

Back

A plan for managing income and expenses.

Front

What is the difference between income and expenses?

Back

Income is money received, while expenses are money spent.

Front

What is a financial goal?

Back

A specific objective to achieve with your finances.