Economics and Personal finance Final Review

______ is a profession that someone feels passionate about that they participate in for a long time in their life span.

• Career

• Standard of Living

• Education

• Benefit

The amount of money that an individual earns for work completed is called an ______.

• Job

• Workforce

• Income

• Training

An ______ involves obtaining and developing knowledge and skills often in a school or training setting.

• Service

• Education

• Volunteer

• Donation

The amount of money that remains after taxes and deductions are taken out that an employee gets to take home with them is called ______.

• Net Pay

• Budget

• Credit

• Investment

______ is the amount of money that is regularly paid to someone for the work that they complete, typically on an hourly or completion basis.

• Workforce

• Training

• Wage

• Long Term Goal

What are things that we would like to have but are not necessary for survival?

• Substitute

• Needs

• Wants

• Shelter

What is the actual amount of money borrowed from a lender?

• Closing cost

• Principal

• Interest

• Down payment

What type of card can be used for transactions where money comes directly out of your checking or savings account?

• Debit card

• Credit card

• Insurance card

• Identification card

What is the amount of money an individual must pay when using an insurance policy before the company will pay its portion?

• Premium

• Deposit

• Transaction fee

• Deductible

What type of loan has no collateral involved?

• Secured credit

• Revolving credit

• Unsecured credit

• Installment credit