JROTC Final Periods 3, 4, 6, 7,

Your budget is a detailed summary of expected _________ and ____________ during a given period.

• income and expenses
• liquidity and expenses
• liquidity and assets
• assets and expenses

Which of the following is an example of a need.

• Television
• Smart Watch
• Basic Meals
• Baseball Cards

Your goal should be for your income to be __________, not just equal to, your expenses.

• less than
• double
• separate
• greater than

Which of the following is an advantage of savings accounts?

• They pay interest
• They will ensure you retire comfortably
• They cannot be touched until you reach your goal
• They are a high risk investment with a potential for large growth

Liquidity is something of value that you own.

• True
• False

A charge on borrowed money.

• Interest
• Insurance
• Income
• Investment

which of the following is an intangible asset?

• Your car
• Your health
• Stocks
• Baseball cards

You shouldn't start setting aside money for retirement until you are near retirement age.

• True
• False

When setting a short-term financial plan, it should cover the following time frame:

• 0-1 Years
• 1-5 Years
• 5+ Years
• Retirement

A not-for-profit bank that is owned by its members, often affiliated with some professional field or organization.

• Credit Union
• Bank Account
• Credit Card
• Online Banking