Personal Finance Review

Front

Adele needs to plan for a large-scale purchase. What is her BEST option? Options: Put money into a savings account, Use a credit card, Take out a loan, Ask a family member for a loan

Back

Put money into a savings account

Front

Money you earn through work

Back

Income

Front

Darin wants to plan for his future. What is the BEST advice to give him for how to manage his monthly paycheck? Options: Buy everything you want whenever you want to, Invest it all now, Pay your debts/expenses and invest some for the future, Spend it all now

Back

Pay your debts/expenses and invest some for the future

Front

When the bank charges interest on a loan we borrow, we must...

Back

Pay more money than we borrowed from the bank

Front

A plan of your expected income and how you will use it to meet your expected expenses over a period of time

Back

Budget

Front

Which word or phrase should be at the top of the left column of this budget?

Back

Income

Front

People keep a personal budget to help them

Back

set and reach financial goals.

Front

There are many reasons why you should save money for a future purchase. Which is NOT a reason to save up for a future purchase? You can avoid taking out a loan. You can finance the purchase at a lower interest rate. You will not have to use high interest credit cards. You will not have to make changes to your monthly budget.

Back

You can finance the purchase at a lower interest rate

Front

What is one advantage of having a credit card? Options: It prevents you from spending more than you earn., It allows you to make purchases without carrying lots of cash., It encourages you to budget your money wisely., It helps you pay off debts that you may have.

Back

It allows you to make purchases without carrying lots of cash.

Front

How is charging a purchase like getting a loan?

Back

You borrow money from your credit provider.