Personal Finance Review

a _______ is a specific duty, task, or activity someone completes using his or her time, skills and energy to earn money.

What path would you need to choose to become an engineer?

• 4 Year College

• Apprenticeship

• 2 Year College

• Entrepreneurship

What is a goal?

• your ability to repay a loan and other debts

•   An item with economic value, such as stock or real estate

• Something you wish to achieve or accomplish in a specific amount of time

A ______ is something that you would like to have but that you could live without.

A need is something you must have to survive, such as ______, shelter or food

What is income?

• money that you receive from jobs

• the cost of goods and services

What is an expense?

• money that you receive from jobs

• the cost of goods and services

What is a fixed expense?

• An expense that does not change from month to month

• the gross pay minus deductions

What is cash flow?

• the amount of money flowing in (income) and flowing out (expenses) of a personal budget

• refers to your ability to repay a loan and other debts

A “Rainy Day” Fund (Emergency Fund) is ______ set aside to pay for unexpected expenses