Personal Finance Final Exam

Front

Angie received her first paycheck for working 4 hours at $10 an hour. Why was her actual check less than $40?

Back

Her net income was less than her gross income.

Front

We create a ______________ with our income to force discipline and savings on our spending.

Back

budget

Front

Sara needs to balance her budget so that she does not create a ______________ that causes her to go into debt.

Back

deficit

Front

Andrew was looking through his expenses and realized that his income was less than his expenses and that he was in _________________ to the bank.

Back

debt

Front

When Abby realized she was getting paid $25 an hour, she was so excited! She didn't realize that number was her _________________ and not her net pay.

Back

gross pay

Front

When creating a budget, it is important for one to realize what is really a ________________ and what is really a ______________.

Back

need...want

Front

Krissy got a new position at her job as financial officer. She quickly realized that the companies ____________ was way more than their _________________, causing them to go into major debt.

Back

expenses...income

Front

Wow! The bank gave me a _________________! It's free money!!! Wait...what is this interest? Why is it costing me more money than I need? I have to pay this back!!!????

Back

loan

Front

The _______________ card company gave me a limit of $1000 because they do not believe I have the capability to pay them back for more money.

Back

credit

Front

Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses? Dining out at local restaurants, Loan payment on a new car, Expenses for new clothes, Postponing a purchase for a big-screen TV

Back

Loan payment on a new car