A4 Managing Personal Finance

What is an emergency fund?

• A savings account set aside for unexpected situations.

• A way to invest for retirement.

• Something most people don't need, because emergencies are rare.

• An investment account that can grow over 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

Tags

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

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.

Paying for something with money that is borrowed and must be paid back, usually with interest is known as:

• credit

• income

• resources

• salary

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

What is the main benefit to ISA's?

• Notice is often required when wishing to withdraw money

• Chance of winning a prize

• Tax is not charged on the interest earned.

Planned expensese are expenses that you know about. Which are examples of planned expenses?

• groceries

• car insurance

• utility bill (gas, water, and electric bill)

• all of the above

Which of these terms could be used to describe debt in the form of a mortgage or car loan? (Choose all that apply.)

• secured

• unsecured

• revolving

What are stocks?

• sharing something

• An ownership share in a company

• A graph with pointy arrows that are red and green

What is investment?

• money spent on something with the goal of making more money

• money spent on other things

• money spent on saved products