Personal Finance

What is income?

• The money you receive from doing work.

• The money you owe someone else.

• The money you get back when someone repays a debt.

• The amount you're allowed to borrow.

Why would you want to keep a monthly budget?

• Without a plan, you could overspend

• Because you need to know how much money you have.

• You need to be sure you can afford to pay all your bills.

• Oh, just let somebody else do it for you.

What does it mean to spend money?

• To put money in a savings account.

• To use the money you've earned to purchase things.

• To make a budget each month.

• To work a job to get money.

What is credit?

• Your ability to work a job.

• Your ability to spend money.

• Your ability to save money.

• Your ability to borrow money.

Which is an advantage of a good credit score?

• You are a high risk.

• Banks will loan you money at a lower interest rate.

• Banks won't loan you money.

• You will end up farther in debt.

What is a disadvantage to using credit cards?

• It's easier than carrying cash.

• You could end up owing lots of money.

• You pay immediately with your savings account when you purchase an item.

• They are difficult to steal.

How do you improve your credit score?

• Pay your debts on time.

• Don't purchase anything.

• Have lots of credit cards open.

• Charge as much as you can on your cards.

Which of these means "money earned by workers?" (Click all that apply)

• wage

• salary

• paycheck

• debts

What is the average work week in the USA?

• 5 hours a week

• 13 hours a week

• 40 hours a week

• 67 hours a week

What is a loan?

• When you borrow money from a bank

• When you work a job for pay

• When you donate money to charity

• When you get a gift of money from family