Personal Money Management

Front

Which statement explains why budgets are important for managing personal money effectively?

Back

Budgets assign money to cover both expenses and savings.

Front

Which BEST describes how a budget can help someone manage their money wisely? Options: It can help someone determine how to borrow money. It can help someone determine how to earn more money. It can help someone determine how to earn more interest. It can help someone determine how long it will take to save money.

Back

It can help someone determine how long it will take to save money.

Front

Which is a benefit of using a credit card?

Back

It allows you to establish credit history.

Front

WHAT to produce?
HOW to produce?
FOR WHOM to produce?

Back

The Three Economic Questions

Front

The amount of goods available for use.

Back

supply

Front

Limited supply of something.

Back

scarcity

Front

The action of making or manufacturing from components or raw materials, or the process of being so manufactured.

Back

production

Front

A general increase in prices and fall in the purchasing value of money.

Back

inflation

Front

Whatever must be given up to obtain some item; If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else

Back

opportunity cost

Front

The process of starting, organizing, managing, and assuming the responsibility for a business.

Back

entrepreneurship