Math 11 Midterm Vocab Review

How can you categorize things in the following picture?

• Wants

• Needs

• Desires

• Income

Lindsey has a problem with her house. Whenever she gets home, her house is always freezing and will never stay warm. She must use blankets to bundle up in order to be comfortable in her own house. What does Lindsey have a problem with?

• A utility

• A fixed expense

• Her savings

• A want

What is the difference between your income and total expenses called?

• Income

• Fixed Expense

• A service

• Savings

Which of the following is NOT an example of a "want"?

• A puppy

• A bus pass to get to work

• A brand new laptop to use for school

• A vacation with your family

Paul decides to sign up for a streaming service to watch some of his favorite movies whenever he wants. There is a fee of $10 a month that Paul now puts on his credit card. What does Paul have to factor in to his budget now?

• Another utility

• A variable expense

• A fixed expense

• An additional "need"

In order to keep track of your money and organize how much you are spent over the last month, you should use:

• A tax chart

• Microsoft Excel

• An expense record

• An income tracker

Rachel discovers that the new version of her favorite video game is now available for download. She decides to use her credit card and pay for the newly updated version. Financially, what is this new video game now considered?

• An expense

• A fixed expense

• A need

• A utility

In order to make more money, Frank decides to get a second job at the pizza parlor up the street from his house. Frank is now boosting his:

• Money spent

• Expenses

• Needs

• Income

A TV service charges customers each month an amount based on how many hours they spent watching television. What can this TV service be considered according to their customers?

• A fixed expense

• A need

• A variable expense

• Income

Frank is trying to plan out his finances for the month. He is finding it difficult because he wants to save money to buy a new video game, but will not have enough money leftover to pay for his expenses. What is Frank struggling with?

• Debt

• A balanced budget

• Transferring

• Income