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Budgeting and Ret vs Buy Vocab Review

Authored by Jeremy Keefe

Social Studies

12th Grade

Used 1+ times

Budgeting and Ret vs Buy Vocab Review
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a personal budget?

A personal budget is a term used to describe the amount of money a person spends on personal grooming.
A personal budget is a document that outlines an individual's career goals.
A personal budget is a type of loan that individuals can take from a bank.
A personal budget is a financial plan that helps individuals track their income and expenses.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a need?

A need is a luxury or a desire.
A need is a requirement or a necessity.
A need is a burden or a hindrance.
A need is a want or a preference.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a want?

A want is something that is necessary for survival.
A want is a feeling of contentment.
A want is a desire or a wish for something that is not necessary for survival or basic needs.
A want is a basic need for survival.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When creating a budget, what are total expenses?

Sum of all costs incurred in a given period
The average of all costs incurred in a given period
Total income earned in a given period
The amount of money saved in a given period

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a savings and a checking account?

A savings account is only for wealthy individuals, while a checking account is for everyone.
A savings account and a checking account are the same thing.
A savings account is designed for long-term savings and typically offers a higher interest rate, while a checking account is used for everyday transactions and may have lower or no interest rate.
A savings account is used for everyday transactions and may have lower or no interest rate, while a checking account is designed for long-term savings and typically offers a higher interest rate.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is disposable income?

Amount of money available before taxes and deductions.
Amount of money earned from investments.
Amount of money received as a gift or inheritance.
Amount of money available after taxes and deductions.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a fixed expense and a variable expense?

A fixed expense is a one-time payment, while a variable expense is recurring.
A fixed expense is a cost that changes every month, while a variable expense remains the same.
A fixed expense is a cost that remains the same every month, while a variable expense can change from month to month.
A fixed expense is a cost that can be controlled, while a variable expense is uncontrollable.

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