
Define the following terms
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Easy
Jose Borjas
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A budget is:
A plan for managing income and expenses
A type of investment
A government policy
A marketing strategy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between 'Take home pay' and 'Income'?
Take home pay is the amount received after deductions, while income is the total earnings before deductions.
Take home pay is the total earnings before deductions, while income is the amount received after deductions.
Take home pay and income are the same.
Take home pay is only bonuses, while income is salary.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
'Credit' is defined as:
A sum of money borrowed from a bank or lender, to be paid back later
A type of expense in a business
A form of payment using only cash
A method of reducing liabilities
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of 'Debit'?
An entry recording an amount owed
An entry recording an amount received, listed on the right-hand side or column of an account.
A summary of all financial transactions in a period.
A document used to request payment.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
'Service Credit' is defined as:
The period of time an employee has worked that counts toward retirement benefits.
A type of customer reward program.
A credit given for community service activities.
A discount on services provided by a company.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An 'Auto title loan' is:
A loan where a vehicle's title is used as collateral
A loan for purchasing a house
A loan given without any collateral
A loan for education purposes
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The term 'Annual Percentage Rate' refers to:
The yearly interest rate charged on borrowed money, including fees
The total amount borrowed in a year
The monthly payment on a loan
The principal amount of a loan
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