Personal Money Management

Which statement explains why budgets are important for managing personal money effectively?

• Budgets track only past expenses.

• Budgets concentrate solely on increasing income.

• Budgets assign money to cover both expenses and savings.

• Budgets are mainly meant to limit spending without considering savings.

Which THREE situations BEST describe reasons to use a credit card?

• Nicole wants a pair of shoes that cost $100, but she only budgeted $75 dollars

  for shoes this month. She is going to use her credit card to purchase the new

  shoes.

• Allison makes occasional small purchases with a credit card with a low limit to

  build up her credit score.

• Jaime's car broke down unexpectedly. She needs to pay to fix it with her credit

  card to have a way to get to and from work.

• Ray charges his groceries on a credit card, and he uses the money from his

  grocery budget to pay the card off each month.

Which BEST describes how a budget can help someone manage their money wisely?

• It can help someone determine how to borrow money.

• It can help someone determine how to earn more money.

• It can help someone determine how to earn more interest.

• It can help someone determine how long it will take to save money.

Which is a benefit of using a credit card?

• It accumulates wealth over time.

• It accumulates interest on purchases.

• It allows you to establish credit history.

• It allows you to borrow money free of interest.

WHAT to produce?
HOW to produce?
FOR WHOM to produce?

• Three Questions of Marketing

• The Three Economic Questions

• Supply and demand Questions

• Questions of Production

The amount of goods available for use.

• scarcity

• demand

• supply

• production

Limited supply of something.

• scarcity

• Law of Supply and Demand

• demand

• factors of production

The action of making or manufacturing from components or raw materials, or the process of being so manufactured.

• consumption

• distribution

• bartering

• production

A general increase in prices and fall in the purchasing value of money.

• inflation

• escalation

• deflation

• demand

Whatever must be given up to obtain some item; If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else

• renewable resources

• opportunity

• lottery

• opportunity cost