2022 SPRING TRANSITION EQ1 PART 2

Which is an example of a fixed expense?

• rent/house payment

• gasoline

• eating out

• clothing

What is the best action to take to balance your budget?

• pay more taxes

• reduce expenses

• increase expenses

• get more credit cards

Which of the following could you use to buy something now and pay for it later?

• cash

• check

• credit card

• debit card

Taking money out of your bank account is called...

• interest

• payment

• withdrawal

• deposit

What is net pay?

• Amount of money left after all deductions have been taken out.

• The length of time an employee's wages are calculated.

• The amount of pay earned from doing additional work.

• The total amount of money earned before pay deductions.

The primary purposes of taxes is to

• Fund government spending and various public expenditures

• Allow people to have free goods/service

• Take money from one group and give it to another

• Provide everyone with services

Before you buy something using your debit card, what should you know about your account?

• The interest rate of your account

• If you have money in your account

• If you have tax on your account

• If you have your account identification

What is the name of the fee the bank charges you when you borrow money?

• Interest

• Withdrawal

• Deposit

• Payment

Interest rates on credit cards...

• are the same for everyone

• vary based on age and income

• vary depending on credit scores and payment history

• are the same regardless of which company issues the card

Check all the examples of flexible expenses:

• groceries

• rent/mortgage

• gifts/contributions

• pets

• car payment