Personal Finance Review

Front

What best describes a pay check and a pay stub?

Back

The pay check is your net amount that you can deposit in your bank and spend. The pay stub shows the amount of your taxes plus the amount of other deductions. It also shows what each deduction was for and has a yearly total for each category listed as well.

Front

Which of these is an example of income? Options: Ali buys a new pair of brand name sneakers., Sam takes out a loan to pay for his college tuition., Maria puts money into a checking account at a local bank., Timothy earns an hourly wage working at a fast food restaurant.

Back

Timothy earns an hourly wage working at a fast food restaurant.

Front

What are the benefits of saving money?

Back

Helps to achieve financial goals

Front

Which of the following is a reason for savings? To spend money on unnecessary items, To decrease financial stability, To increase debt, To have money for emergencies or large purchases

Back

To have money for emergencies or large purchases

Front

What are the benefits of having a household budget?

Back

Helps to limit spending

Front

What is investing?

Back

Using money in hopes of gaining more in the future by lending to businesses in exchange for a share of profits

Front

What is saving?

Back

Setting aside money for future use

Front

The money that was paid back to me on top of the loan is known as_________.

Back

interest

Front

Joey was approved for a credit card and soon spent over $2000. What is the money owed called?

Back

Debt

Front

What is the difference between a debit card and a credit card?

Back

A debit card takes money immediately from a bank account. A credit card you pay later. (plus interest)