Study Guide for Upcoming Test

Front

What is the definition of needs?

Back

Basic requirements for survival and well-being.

Front

Which of the following is an example of a need? Luxury car, Designer clothes, Water, Smartphone, Vacation

Back

Water

Front

Define wants.

Back

Wants are desires for goods and services that are not necessary but that we wish for.

Front

Which of the following is an example of a want? Food, Water, Shelter, Luxury car, Clothing

Back

Luxury car

Front

A budget is a:

Back

Plan for managing income and expenses

Front

Expenses is defined as:

Back

The cost required for something; the money spent on something.

Front

Income is described as:

Back

The total amount of money earned before any deductions.

Front

A deposit is:

Back

A sum of money placed into a bank account

Front

Which of the following is an advantage of using a credit card? Convenience in transactions, High interest rates, Limited acceptance, Increased debt risk

Back

Convenience in transactions

Front

Which of the following is a disadvantage of using a credit card? High interest rates, Improved credit score, Cashback rewards, Convenience in transactions

Back

High interest rates