Personal Finance Final Exam Review A

The agreement to receive cash, goods or services now and pay for them later.

• Check
• Debit
• Credit
• Late Fee

The amount of money you make per year

• Monthly income
• Annual income
• Monetary

Which of the following is an example of a variable expense?

• Rent
• Groceries
• Health Insurance
• Car Payment

Which of the following is an example of a fixed expense?

• Rent
• Groceries
• Gas
• Clothes

The least amount of money you can pay on a credit card per month.

• Credit Limit
• Minimum Payment
• Annual Percentage Rate
• Opportunity Cost

Money owed to a person or a business

• Debit
• Credit
• Debt
• Late Fee

The amount of interest you must pay for the credit you use in a given month

• Interest Rate
• Minimum Payment
• Variable Expense
• Monetary Expense

Income not spent 

• Extra
• Savings
• Entertainment Fund
• Finance Charge

The reason someone is motivated to do something

• Debt
• Incentive
• Investment

Which of the following is an advantage of using a credit card?

• It comes directly out of your bank account
• It is accepted everywhere
• You can use money that you might not have yet and pay it back later
• If you lose it, you cannot get it back and might be charged for any fraudulent purchases