True or false Quiz over Personal Finance Power Point

(True or False)

Credit is a means of buying something now and paying for it later (usually with interest).

• True

• False

Income is money that you earn from working or gain from investments.

• True

• False

A credit card does NOT charge interest, while a debit card does charge interest.

• True

• False

Interest is a fee paid to use someone else’s money.

• True

• False

Currency (cash) is a form of money.

• True

• False

A debit card is a form of credit.

• True

• False

A credit card is a form of money.

• True

• False

A plan for saving and spending income is a budget.

• True

• False

A savings account is a way of spending money right away.

• True

• False

If I wanted to buy 2 items, a bike and a new TV, and after careful consideration of my need to get exercise and fresh air, I chose to buy the bike. Then, my opportunity cost would be the TV.

• True

• False