What is an emergency fund?

A savings account set aside for unexpected situations.

Money you have borrowed and need to pay back

An ownership share in a company

money paid regularly by the bank on the account

What is an emergency fund?

A savings account set aside for unexpected situations.

Money you have borrowed and need to pay back

Select the best meaning for wage / salary.

Money paid by an employer to an employee for their labor / service.

The main difference between a credit card and debit card is

A debit card requires that you have the cash available in the account; a credit card doesn't.

Which of the following scenarios demonstrates a good budgeting practice? Julie’s monthly income is less than her 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.

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

Which statement BEST describes a presidential democracy? Options: The dictator holds all political power. The legislative body chooses the head of government. A small group runs the government. The citizens vote directly for the head of government.

The citizens vote directly for the head of government.

What is a market economy?

an economy where people have private ownership of businesses, and they control supply and demand of goods and services

Why is specialization necessary?

Scarcity requires countries to focusing on producing what they are best at, in order to purchase what they do not have.

Which of the following is an example of a business specializing? Options: Focusing on a small number of high quality products, Producing as many products as quickly as possible, Training their workers in order to increase productivity, Importing goods and services to sell to consumers

Focusing on a small number of high quality products

What is the purpose of the European Union?

Promote greater cooperation and economic development of European countries

Why must countries trade?

Scarcity means they do not have all of the resources they want.

6th grade 1st Sem Final Review Flashcards

Student preview

71 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is a budget?

Back

A plan for how money will be used

2.

FLASHCARD QUESTION

Front

What is income?

Back

Money taken in

3.

FLASHCARD QUESTION

Front

What is variable expense?

Back

An expense that costs different amounts every month

4.

FLASHCARD QUESTION

Front

What is this called?

Back

A Check

5.

FLASHCARD QUESTION

Front

a person's knowledge and work skills

Back

human capital

6.

FLASHCARD QUESTION

Front

the amount of money a person can earn by being self-employed or by doing a job for another person or business

Back

salary

7.

FLASHCARD QUESTION

Front

paying for something with money that is borrowed and must be paid back, usually with interest

Back

credit

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