Definitions
The money you earn or received
Income
You should check your credit report once every few years
False. Ideally, you should check your credit report once a year.
Flexible expenses
Costs that may change from month to month
Money that is spent...
A: Income
B: Expense
C: Tax
B: Expense
A new computer costs $600 plus 7% sales tax. How much is the cost of the computer with added tax?
$642
The process of planning, and controlling your money
Money Management
Paying more than the minimum amount on your credit card each month can help you save money and pay off debt faster
True, the extra money you add goes to principal reduction, shortening the time it takes to pay off your debt while reducing the interest you pay
Credit
A way to pay that lets you buy now and pay later...money given to use that has not been earned
Money deducted and used by the state and federal government...
A: Monthly Income
B: Credit
C: federal/state withholdings
C: federal/state withholdings
How much should someone be charged in sales tax on a $32 purchase if the tax rate is 7%?
$2.24
A share of a corporation sold to the public
Stock
Ideally, your emergency fund should have at least 6 months’ worth of expenses
True. A rainy day fund is the best way to prepare for financial emergencies as small as a car repair or as large as a job loss
Consumer
A person who buys or uses goods and services
Item thought to be necessary for LIFE...
A: Want
B: Need
C: Have
B: Need
The sales tax where Mary lives is 7.5%. How much will Mary pay in total for a shirt that sells for $44?
$47.30
A plan/statement for that helps you manage spending, saving, investing and sharing
Budget or spending plan
It’s ok to skip a payment now and then as long as you eventually pay it
False. Late payments hurt your credit score and can trigger an increased interest rate and a host of fees
Interest
A fee received or paid for the use of money
Items that are desired, but not necessary for life...
A: Want
B: Need
C: Have
A: Want
The sales tax in Williamsburg is 11%. What would the tax be on a purchase of $69.60?
$7.66
Costs that remain the same from month to month
Fixed expenses
A budget is one of the most important things you can do to manage your finances
True. A budget is the foundation of good money management and provides you with the information you need to set realistic financial goals
Value
A belief that someone or somthing is important
The possibility of financial loss or physical harm...
A: Risk
B: Debit
C: Tax
A: Risk
If the amount of sales tax on an order is 8% and its post-tax cost is $59.40, what is the amount of tax included in the post-tax cost?
$4.40