Personal Finance 4th

What is a budget?

• A plan for saving and spending

• A type of currency

• A shopping list

• A financial institution

What does the term "expenditures" mean?

• Money saved for future use

• Money spent to purchase goods and services

• Money borrowed from a bank

• Money earned from a job

What is the definition of "income"?

• Money you earn or receive

• Money you spend

• Money you shop with

• Money you find

Which of the following best describes "savings"?

• The money you spend immediately

• The money you keep and set aside to use in the future

• The money you borrow from a bank

• The money you lost at school

What is the term used to describe the things we lose because of our decisions?

• Benefit

• Cost

• Profit

• Gain

What is the definition of the term "benefit" in Social Studies?

• Negatives that come from our decisions

• Positives that come from our decisions

• The process of making decisions

• The consequences of our actions

What is the term for what you give up to get something, a trade-off?

• Opportunity cost

• Profit

• Revenue

• Expense

What does the term "cost" refer to in decision-making?

• Things we gain because of our decisions

• Things we lose because of our decisions

• Positives that come from our decisions

• Things we ignore because of our decisions