Unit 7- Personal Financial Literacy

Expenses that change from month to month are called:

• fixed expenses (bills, loans, etc)
• variable expenses (emergency costs, vacations, car repairs, etc)
• stable pricing
• irrational pricing

Long term savings goals would include...

• vacation
• new phone
• buying a house
• car

When you own a house, what type of tax do you pay on it?

• income tax
• sales tax
• property tax
• payroll tax

What type of tax do you pay for Cheetos and soda?

• income tax
• sales tax
• property tax
• payroll tax

Which type of tax do you pay once a year on any money you've earned (job, lottery, etc)?

• payroll tax
• income tax
• sales tax
• property tax

Which of the following is considered a "need" when budgeting?

• money for eating out
• money for going to the movies
• money to pay for your house
• money for your dog's toys

What is money borrowed that must be repaid, usually with interest?

• loan
• check
• checking account
• savings account

What is an account that usually earns interest and is often used to hold money that is not needed right away?

• savings account
• checking account
• loan
• transaction

What is the purpose of a credit score?

• To apply for a credit card

• To help you save money

• A reliable assessment of your credit-worthiness and risk

• To determine how quickly you can get out of debt

What is a written plan that manages all of your cash and spending each month?

• Bank Statement

• Tax Return

• Credit Plan

• Budget