Understanding Money Management Concepts

What is the term for the amount of money currently in an account?

• Income

• Balance

• Credit

• Debt

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CCSS.7.NS.A.1B

Which of the following is an example of a fixed expense?

• Groceries

• House payment

• Dinner at a restaurant

• Movie tickets

What is the term for the money you spend to buy goods and services?

• Income

• Budget

• Expenses

• Credit

Which of the following is an example of a variable expense?

• Car payment

• House payment

• Dinner at a restaurant

• Insurance premium

What is the term for the amount of money you earn or receive regularly?

• Debt

• Income

• Balance

• Credit

Which of the following is an example of a need?

• Xbox

• Water

• Smartphone

• Designer clothes

What is the term for the value of what you have to give up in order to choose something else?

• Budget

• Opportunity cost

• Credit

• Transaction

Which of the following is an example of a good?

• Getting a haircut

• Apple

• Cleaning service

• Tutoring session

What is the term for a method of payment in which you buy now and pay later?

• Income

• Credit

• Debt

• Balance

Which of the following is an example of a service?

• Apple

• Xbox

• Getting a haircut

• Water