Econ quiz 7 - 19/20

money earned

• expenses

• income

• purchase

• spend

the amount of money a person can earn by being self-employed or by doing a job for another person or business

• salary

• scarce

• interest

• lend

things that are produced and used

• interest

• credit

• lend

• resources

paying for something with money that is borrowed and must be paid back, usually with interest

• credit

• income

• resources

• salary

the money paid by the borrower to the lender for the use of the lender's money

• interest

• savings plan

• scarce

• purchase

What is a budget?

• A type of savings account

• A way to invest for retirement

• A fund for emergencies

• A financial plan that defines expenses/income for a period of time.

What is debt?

• Money you have borrowed and need to pay back

• Money you make from working at a job

• Money you make from the government

• Taxes that you pay when you buy something

What is insurance?

• A service purchased to protect assets and income against financial loss.

• A type of savings account where you put aside money for emergencies.

• A type of investment account where you can buy shares of stock.

• A kind of taxes charged by the government.

What are some benefits to starting a savings account early?

• you can earn interest on money saved

• putting money aside will help avoid spending it on something else

• setting a savings goal will help

• all of the above

In Terms of credit, what does APR stand for?   

• Annual Penalty Rate

• Annual Payoff Rate

• Annual Payment Rate

• Annual Percentage Rate