Economic and Personal Finance

What is debt?

• Money you have borrowed and need to pay back

• Money you make from working at a job

• Money you make from the government

• Taxes that you pay when you buy something

Everyone makes choices about how to manage his or her money/income from a job. This is also known as what?

• Personal Finance

• Government

• Civics

• Geography

Medium of exchange used to buy goods and services.

• Credit

• Investing

• Saving

• Money

Buy something now and pay for it later. 

• Credit

• Debit

• Investing

• Spending

A monthly account of the money that you have in your bank and how you spent it.

• Annual Fee

• Certificate of Deposit

• Bank Statement

What is the purpose of a budget?

• To help people drive safer

• To lead a healthier life and become rich

• To help people work more productively

• To help people plan their spending and saving decisions

Which of the following is the most financially responsible decision?

• Macy earned $40 washing cars. She donates it all to save the turtles.

• Jana earns $10 for doing chores. She gets one toy at the dollar store and saves the other $9.

• Jackson receives $20 for his birthday. He spends $30 at target.

• Brendyn earns $50 selling his video games. He spends $50 on new video games.

You haven't finished your homework, but you decide to go to the movies anyway. What is this an example of?

• This is an example of an expense.

• This is an example of an opportunity cost.

• This is an example of savings.

• This is an example of income.

Why is it important to prepare and follow a budget?

• A budget increases a persons income.

• A budget helps people make responsible economic decisions.

• Budgets help people stick to a health plan.

• Budgets help determine the best educational plan for a student.

You cut the grass. Your parents give you $5. What is that called in a personal budget?

• Expenditure

• Donation

• Income

• Expense