Personal Finance 6

You mow neighbor’s lawn

• Income

• Expense

You get a present for friend’s birthday

• Income

• Expense

Mia wants a new phone, but she needs a new notebook for class. What should she do?

• Buy the notebook and put away money for the phone.

• Buy the phone and put away money for the notebook.

• Buy the notebook and tell Moby to buy her the phone.

• Buy the phone and use Moby's notebook for a while.

What is a budget?

• a group that helps the community

• a safe place where people keep money

• a center where you can donate things

• a plan for spending and saving money

I had to give up going out to dinner in order to buy a new shirt. This is an example of

• opportunity cost

• price incentive

• specialization

• poor planning

According to the graph, how much more do Americans consumers spend on transportation than they spend on food?  

• a.  12%
• b.  19%
• c.  7% 
• d.  6%

Financial institution that takes over contracts for installment debts from retailers and receives a fee for collecting the debt

• Mortgage
• Principal
• Annual percentage rate (APR) 
• Finance company

A legal document used when renting an apartment is called :

• Receipt
• Estimate
• Lease
• Ticket

Which federal agency protects deposits in commercial banks ?

• FDIC
• IRS
• DEA
• EPA

In economic terms, which of the following are examples of resources :

• Human, Natural, Capital
• Stocks, Credit, Cash
• Savings, Time, Energy
• All of the above