Debit vs Credit
This card type deducts funds directly from your checking account immediately upon purchase.
Money we GET from working each month.
What is net monthly income?
An economic system where production, investment, prices, and incomes are determined centrally by a government.
What is Command Economy?
In the popular 50/30/20 budgeting rule, what category does the 50% chunk allocate to?
What is Essential needs?
What financial term describes the original sum of money lent or invested, excluding interest earned?
What is Principal?
Which card type generally offers stronger federal fraud liability protection and rewards program bonuses?
Your earning before there are taxes
What is GMI?
Which economic system relies entirely on public ownership of production and centralized government planning?
What budgeting style requires you to assign every single dollar of monthly income a specific purpose?
What is Zero-based budgeting?
Which metric measures the ease and speed of converting an asset or investment into liquid cash?
What is Liquidity?
Using a debit card to complete a daily purchase helps build your personal credit score.
What is false?
You must subtract these from your GMI.
What are taxes?
What term describes an economic state featuring both stagnant economic growth and high inflation rates?
What is Stagflation?
Which kind of expense is a monthly auto insurance premium or apartment rent payment?
What concept describes earning additional interest on the accumulated interest you already received?
What is Compound interest?
In double-entry accounting, an increase in an asset account is recorded as which type of entry?
What is debit
If your monthly gross salary is $5,000 and your total mandatory deductions are 25%, what is your NMI?
What is $3750?
What concept describes the loss of potential gain from other alternatives when one alternative is chosen?
What is Opportunity cost?
What is generally recommended as the baseline size for an introductory emergency fund starter stash?
$1,000 or 1 month of expenses?
Which standard credit score range is widely considered to be an "excellent" rating?
What is 750 to 850?
What is the standard maximum interest-free grace period typically given on credit card purchases if paid in full?
What is 21 to 25 days?
.Which of the following is NOT typically a voluntary pre-tax deduction that reduces your NMI while keeping GMI unchanged?
What is FICA Social Security tax?
Which economic law states that, all else equal, as the price of a good increases, the quantity demanded falls?
What is Law of Demand?
If you use a cash envelope system and exhaust the money in the "Dining Out" envelope, what should you do?
What is a legal declaration that a person or business cannot pay back their outstanding debts?
What is bankruptcy?