Economics vocab usage

Front

Which statement best explains why income is important for personal financial management? Options: It allows you to avoid making a budget., It helps plan how to save, spend, and manage money., It reduces the need for savings., It guarantees financial success.

Back

It helps plan how to save, spend, and manage money.

Front

One of the BEST measures for businesses and entrepreneurs is

Back

profit

Front

What is one reason it is important to save money?

Back

To prepare for emergencies and future needs

Front

Which situation best describes a risk of using debt? Options: Paying bills early, Borrowing more than you can repay, Creating a savings account, Building a household budget

Back

Borrowing more than you can repay

Front

How do Georgia’s transportation systems support trade?

Back

They make it easier to move goods within the state and across the world.

Front

Why is profit considered an incentive for entrepreneurs?

Back

It motivates them to take risks and create businesses.

Front

What kind of risk do entrepreneurs take when starting a new business?

Back

Risk of losing money and time if the business fails

Front

Creating a _______ helps track income and spending, and supports reaching savings goals.

Back

budget

Front

What is the first step in creating a personal financial plan?

Back

Understanding your income

Front

Saving money is only useful for buying video games and clothes.

Back

False