Quest for Success Unit 6 Vocabulary

A _________ is an estimate of income and expenditure for a set period of time.

• budget
• consumer

• expense

• cost comparison

1. A process by which business decisions are analyzed, the benefits of a given action are summed, and then the costs associated with that action are subtracted is called ____________________.

• cost comparison

• expense

• cost benefit analysis

• cash flow

_________ means to have a desire to possess or do (something) or wish for

• needs

• wants

• income

• inflation

What is cash flow?

• the cost required for something; the money spent on something

• 1. the process of comparing the price of different products or services

• money received, especially on a regular basis, for work or through investments

• the total amount of money being transferred into and out of a business or household

1. A __________ _________ are expenses that can change depending on your use of products or services; they are somewhat unpredictable

• variable expense

• opportunity cost

• fixed expense

• expense

Who is a consumer?

• financially sound enough to justify the extension of credit; includes factors such as repayment history and credit score

• 1. a person who relies on another, especially for financial support

• 1. a federal insurance program that provides benefits to retired people and those who are unemployed or disabled

• a person who purchases goods and services for personal use

1. Social Security is a federal insurance program that provides benefits to retired people and those who are unemployed or disabled.

• True

• False

What is a tax on sales or on the receipts from sales?

• income tax

• sales tax

• taxes

• property tax

1. What is the process of comparing the price of different products or services?

• depreciation

• cost benefit analysis

• Medicare

• cost comparison

The financial ability to buy products and services is ____________.

• income

• net pay

• purchasing power

• gross pay