5th Grade Personal Finance Flashcard

Front

Which of the following scenarios demonstrates a good budgeting practice?
Julie’s monthly income is less than his monthly expenses.
Carly’s monthly taxes are equal to her monthly expenses.
Rico spends less money each month than he earns at his job.
Sam spends more money each month than he earns at his job.

Back

Rico spends less money each month than he earns at his job.

Front

Which element of a personal budget is the money that a person earns or receives?

Back

income

Front

Which part of a personal budget records the amount of money a person spends? Options: salary, income, interest earned

Back

expenses

Front

Which of the following BEST describes what Pedro can expect at his new job?
“I turned 16 this past November. I am getting a job at the shoe store at the mall.”-Pedro Garcia, High School Student

Options: The shoe store will receive taxes from Pedro, which the owners can use to purchase more shoes. , The shoe store will receive income from Pedro, which will allow the owners to earn greater profits. , Pedro will receive income in exchange for his labor, which he can use to purchase goods he wants. , Pedro will receive income in exchange for his labor, which will allow him to quit and never have to work again.

Back

Pedro will receive income in exchange for his labor, which he can use to purchase goods he wants.

Front

Which of the following is an example of a price incentive? A gallon of milk only cost $1.50 ten years ago, but today it costs $2.25. An employer gives an employee a raise to reward her for her hard work. A stockbroker buys a share of stock and sells it later in order to make a profit. A store usually sells candy bars for $1.00, but today is selling them for $0.75.

Back

A store usually sells candy bars for $1.00, but today is selling them for $0.75.

Front

Coca Cola and Pepsi produce a similar product. How will competition between the two companies MOST LIKELY affect consumers?

Back

The companies will each try to produce a better version of the product and sell it at a lower cost to consumers.

Front

Why is competition good for consumers?

Back

encourages businesses to offer consumers low prices and quality products.

Front

Tom has a Lemonade stand. What is MOST LIKELY to happen if Tom changes the price of a glass of lemonade from $2.00 to $1.00?

Back

More people will buy lemonade from Tom

Front

Which of the following would be BEST described by this list?

Hard Working
Risk Taker
Attitude of Success
Options: Banker, Consumer, Entrepreneur, New Employee

Back

Entrepreneur

Front

A economy is one that gives choices about which goods and services a consumer may purchase.

Back

Market