Financial Literacy, 2022-23

Being on a Budget means.....

• You are earning enough money to live well

• You pay your bills on time every month

• You made a plan of your expenses to be less than or equal to your income

• Your bills are generally paid on time every month

What portion of your income should you budget for daily needs?

• 20%

• 30%

• 50%

• 10%

What does it mean to have an Annual Wage?

• Your income is calculated by the amount of hours you work.

• Your income is calculated by the year you work.

• Your Income is calculated by the months you work.

• Your income is calculated by the days you work.

What does it mean to have an Hourly Wage?

• Your income is calculated by the amount of hours you work.

• Your income is calculated by the year you work.

• Your Income is calculated by the months you work.

• Your income is calculated by the days you work.

When borrowing money, like a loan, you pay back the amount with....

• Interest

• Debt

• Inflation

• Income

What is a tax?

• money owed after using a credit card

• contribution to government revenue

• a type of currency

• a collection of your income for savings

What is an income?

• a way to save money

• the amount of tax owed

• Money received from a job

• a type of currency

True or False: Personal Finance is the ability to earn, spend, and save money to live comfortably and achieve goals.

• True

• False

A physical item that can be weighed, measured, and sold is a.....

• Goal

• Service

• Good

• Surplus

True or False: a Service is a task that a person or a machine performs for you.

• True

• False