Financial Literacy

Front

The purpose of a budget is to:

Back

help you plan how you will spend the money you earn or receive.

Front

Interest is:

Back

the amount owed for borrowing money

Front

Which of the following is a fixed expense?

Clothing purchases

,

Groceries

,

Rental payments

,

Movie tickets

Back

Rental payments

Front

Which of the following is a variable expense?

• Student loan payments
• Groceries
• Rental payments
• Health insurance

Back

Groceries

Front

What can increase your credit card's APR? Options: Paying the minimum, Missing a credit card payment, Paying off the full balance, Cashing in on rewards points.

Back

Missing a credit card payment

Front

The regular payment for an insurance policy is called a:

Back

premium

Front

A payment type that allows you to make purchases using money directly from your checking account.

Back

Debit Card

Front

Money you earn, like money you may get from your birthday or allowance from your parents.

Back

Income

Front

An unchanging rate that is locked in when you purchase a loan

Back

Fixed interest rate

Front

An interest rate on a loan that fluctuates over time due to the market and bank standards.

Back

Variable interest rate