Fin Lit Chapter 4

Front

Which of the following is an example of a want? Food, Clothing, Shelter, Netflix

Back

Netflix

Front

Which of the following is essential for survival on a deserted island? Internet, Water, Phone, Your 12th Pair of Shoes

Back

Water

Front

Noah, Elijah, and Sophia have booths to collect money or valuable items. What are these things called?

Back

Financial Resources

Front

What is the inflow of money called?

Back

Income

Front

How do you calculate Net Worth?

Back

Subtract your Liabilities from Assets

Front

What is the term for a debt that must be repaid?

Back

Liability

Front

The benefit of the next best item you give up when making a choice is called what?

Back

Opportunity Cost

Front

What is the first step in the decision making process when buying supplies?

Back

Define the need or problem to be resolved by buying the item or service

Front

Daniel has $700 in his bank account, a $300 bike, and owes $500. What is his net worth?

Back

$500

Front

What do you call a spending and saving plan based on expected income and expenses?

Back

Budget