Personal Finance

Define Personal Finance

• The amount of money a person obtains

• The decisions individuals make in the management of their money

• The money that an individual spends on their car note

• The money that an individual stores in their piggy bank

Define Income

• The amount of money that a person finds in their pocket

• The money that a person stores in the bank

• The money that a person has to pay back to the bank

• The money that an individual obtains

Which answer choice is an example of a fixed expense?

• The grocery bill

• Your car note

• Your light bill/ Electricity bill

Define Credit

• An arrangement by which a buyer can take possession of something now and pay for it in the future.

• A number assigned to a person that indicates his or her capacity to repay a loan

• Money paid regularly by the bank to the account holder

• The money spent on something with a goal of making profit

What is interest?

• The money paid to the bank regularly by the individual who is saving money in the bank.

• The money that is paid regularly by the bank to the account holder for money being saved.

• The money that is invested in a company in hopes of making profit.

• The money that is in a safe in your house

Why is Balancing your checkbook an important task?

• Because it helps insure that there is enough income to cover expenses for the family

• Because it helps make sure you have enough money to cover the checks you write.

• Because it can be used in a way to invest and save money for the future

• Because it is a way for one person to help another

What is a variable expense?

• An expense that is the same amount of money each month

• An expense that cost a different amount of money every month

What is a fixed expense?

• An expense that costs a different amount of money each month

• An expense that costs the same amount every month

What is an Expense?

• The spending of some or all of your money for various purposes

• The amount of money that a person obtains

• The amount of money a person invests in a Stock

• The amount of money that the bank pays an account holder for saving money.

Define Philanthropy

• The act of giving money to your mom so she can put gas in her car

• The act of giving money for charitable purposes

• The plan for how money will be used

• The amount of money the bank lets an account holder go over when spending