Financial Literacy Review

Which of the following is an example of a need for most people?

• A place to live

• Designer Jeans

• An expensive car

What is a good reason to save money?

• To have money to buy things

• To have money put aside for emergencies

• For a future purchase

• Any or all of the choices

Money that your earn is called...

• expense

• debt

• income

• credit

Money that you spend is called...

• expense

• income

• debt

• profit

The definition of an expense that does NOT change from month to month.

• fixed expense

• variable rate

• opportunity cost

• online bill

In the 50/30/20 Rule...what does the 50% represent?

• Resources

• Needs

• Bills

• Wants

Which one of these definitions best describe Opportunity Costs?

• The cost of making one decision over another.

• The cost for the opportunity to buy anything you want.

• The opportunity that will cost you loads of money.

Choose the correct description...you don't feel like going to work today (which means you don't get paid), but you have a really boring day at home.

• Low Cost/Low Benefit

• Low Cost/High Benefit

• High Cost/High Benefit

• High Cost/Low Benefit

If saving your money to buy the newest electronics and you base your Budget on that expense, you are most likely using this Budget Method...

• 50/20/30

• Zero Based Budget

• 60% Solution

• Values Based Budget

"A living and breathing plan for your money so you do not spend too little or too much" is the definition of what according the Atypical Finance creator Tim Jordan.

• Budget

• Income

• Expense

• Work-Life Balance