Personal Finance - 1st Semester Final Exam

To know your net worth, subtract your liabilities from your (a)   .

• previous net worth

• other liabilities

• assets
• net income

What are The Five Foundations?

• a financial literacy technique

• a personal financial action plan

• a common conclusion for debt

• a starting point for adults regarding finances

What does living paycheck to paycheck mean?

• Living paycheck to paycheck is an expression used to explain the situation in which a person cannot plan past the next paycheck due to financial and budgeting difficulties caused by outside circumstances.

• When a person chooses to not deposit their paycheck, they are living paycheck to paycheck.

• Living paycheck to paycheck is an expression used to describe a situation when someone eagerly awaits their next paycheck to plan for the month's expenses.

• Living paycheck to paycheck occurs when a person's income is devoted to expenses which, in turn, means that little to no money is put in savings.

Tags

CCSS.RI.11-12.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RL.11-12.4

CCSS.RL.9-10.4

Personal finance is 20% ____ and 80% _____.

• cause; effect

• behavior; head knowledge

• head knowledge; behavior

• reactions; behaviors

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

A (a)   financial goal takes up to two years to reach.

• short-term
• long-term
• medium-term

What is The Fifth Foundation?

• build wealth and give

• pay cash for your car

• find a financial professional

• get out and stay out of debt

What are the Four Walls?

• utilities, college fund, restaurants, and car insurance

• cell phone bill, car insurance, shelter, and money for the movies

• food, utilities, shelter, and transportation

• food, utilities, transportation, and college fund

What kind of money counts as income?

• Only the money you make at your job.

• Money in your savings account.

• All money that you receive, including money from your job and gifts like birthday money.

• Only money deposited into your bank account.

The first priority in your budget should be (a)   .

• investing

• saving

• spending

• giving

Commission is when you make money based on the percentage of (a)   .

• items sold

• investments

• budgets

• total sales

Tags

CCSS.6.RP.A.3C