Spring Final Exam~Personal Finance

Which is NOT a benefit of creating your own successful business?

• Being your own boss

• Receiving majority of the profit that the business earns

• Working long hours for yourself as opposed to someone else

• Taking the blame if the business has any conflicts or problems

What is an expenditure?

• Money earned by a worker

• Money spent

• Benefits from a job

• Money saved

What is income?

• Money earned by a worker in a year

• Money spent

• Money set aside for future use

• Using money in hopes of gaining more in the future

What is investing?

• Spending money on anything you want

• Saving money constantly

• using money in hopes of gaining more in the future by lending to businesses in exchange for a share of profits

• Setting aside money for future use

What is saving?

• Amont of money used for purchasing items

• Setting aside money for future use

• Amount of money a worker earns

• Amount of money spent in a day

Every month after my parents pay all of the family’s bills they set aside a little bit of money for the family to do fun things like go to the movies, bowling and even go to amusement parks.
My family uses a _____________

• income 
• debt 
• interest 
• budget 

You find out that you are going to have to purchase your first car. You need to start using which of the following personal finance terms? 

• savings 
• budget 
• credit 
• you would need to use all 3 of these

I have been setting aside $100 a month for my children to have money to go to college. This idea is known as what? 

• savings 
• credit 
• income 
• debt 

You earn $300 a week and you are able to save half of that each week. You are saving money to go on a trip with your friends after you graduate high school. the trip is going to cost $1,350. How many weeks will you have to work to save enough money to go on the trip?

• 4 and a half weeks 
• 11 weeks 
• 9 weeks 
• 7 weeks 

Which of the following is not true about the difference between credit cards and debit cards?

• purchases made with a debit card come directly out of your bank account

• you must pay off your credit card bill monthly or there will be penalties

• you must have a bank/checking account to use a debit card

• credit cards use money from your savings account