FINAL EXAM FLASH CARDS

FINAL EXAM FLASH CARDS

Use the flash cards to review for the final exam.

Multiple Choice

A long-term goal:

• is a goal that takes 5 or more years.

• takes one year or less.

• takes 2 to 5 years to achieve.

• happens indefinitely.

Multiple Choice

Something you must have to survive, such as food, shelter and clothing is:

• A value

• A want

• A need

• Planning

Multiple Select

A service is performed by a person or a machine performs for you. Such as:

• A mechanic

• A hair stylist

• An attorney

• A fast food worker

Goods are physical items that can be produced and can be weighed or measured.

Multiple Select

Consumable goods are purchases that you make often

and use up quickly. Such as:

• Shampoo

• Food

• Toothpaste

• Soap

Money Management is planning how to get the most from your money.

Net Worth = Total Assets-Total Liabilities

Multiple Select

National Brands are well-known brand names that are widely advertised and available in many stores. Such as:

• Kellogg's

• Nabisco

• Hershey's

• Nestle

Store brands are also known as generic brands.

Multiple Select

Assets are any items of value that can be converted into cash. Such as:

• cash

• a car

• a house

• investments

A liquid asset can be readily converted into cash with little impact on the value.

A balance sheet is also called a net worth statement.

Multiple Select

Liabilities are debts that are owed. Such as:

• A bill

• A loan

• Taxes

• A credit card

Current Liabilities are short-term debts that have to be paid within one year.

Fixed expenses are those expenses that are more or less the same each month. 

Multiple Select

Variable expenses are those expenses that can change from month to month. Such as:

• a grocery bill

• a water bill

• an electric bill

• a gas bill

Net cash flow is the money that actually goes into and out of your wallet and bank accounts.

Net Cash Flow = Income - Expenses

Unit Price, or unit cost, tells you the cost per liter, per kilogram, per pound, etc., of what you want to buy.

To find the unit price use the formula: cost ÷ quantity.

A guarantee is usually free.

It's a promise to sort out any defects with a product or service within a fixed period of time. 

A warranty is like an insurance policy that you must pay a premium for.

It is sometimes it's called an 'extended guarantee.' 

Rebates

Is a partial refund of the price of the product.

Deposit

Refers to money going into a bank account.

Multiple Select

At a bank you can:

• Open a checking and savings account.

• Withdraw money from an ATM.

• Apply for a loan.

• Receive your balance.

Review the image for the parts of a savings deposit slip.

Review the image for the parts of a check.

Multiple Select

At an ATM you can:

• transfer money

• make deposits.

• check your account balance.

• make withdrawals.