Economics
The total dollar value of all final goods and services produced in our country during one year.
GDP
Is Electricity an example of fixed or variable expenses?
Variable Expenses
How much money does FDIC insure up to?
$250,000
True or False?
It is best practice to ONLY pay the minimum balance on your credit card and not the full balance amount?
Is problem solving an example of a hard skill or a soft skill?
Soft Skill
What phase of the business cycle is categorized as:
The phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again
Recovery
What are the categories for the 50-30-20 rule?
50% Essentials
30% Fun Bucket
20% Financial Goals
What is the term for this definition?
Reinvesting earned interest back into the principal, so that interest is calculated on both the initial amount and the accumulated interest
Compound Interest
Is a personal loan an example of a revolving or installment loan?
Installment
How many pages should your resume be?
1 Page
What are the three factors of production?
Natural Resources
Human Resources
Capital Resources
What is the term for this definition?
The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare; often used when comparing how expensive it is to live in one city versus another
Cost of Living
How much money do experts recommend you should you have in your emergency fund?
3-6 months of expenses
What is the term for this definition?
A standard table that legally must appear in a credit card agreement showing basic information about the card's rates and fees.
Schumer's Box
What is the term for this definition?
An agreement where you make regular payments to a company and the company promises to pay you money if you suffer a specified injury, illness, loss, etc.
Insurance
What is the price where supply and demand meet called?
Equilibrium Price
What is the recommended down payment on a house?
20%
What is the account that is a timed deposit and you agree to let the bank keep your money in the account for a set period of time.
Certificate of Deposit (CD)
What is the range for credit scores?
300-850
Name 4 different types of insurance. (Ex. Phone Insurance - CANNOT USE THIS)
Health Insurance
Life Insurance
Renter's Insurance
Disability Insurance
Auto Insurance
Home Insurance
Travel Insurance
Event Insurance
What is the basic economic problem?
Wants are unlimited and resources are limited. (Scarcity)
What is the term for this definition?
The total earnings before any deductions are taken out of your paycheck called?
Gross Pay
As of October 2025, what is the national average interest rate on a traditional savings account?
What are the 5 factors that impact your credit score?
Payment History
Credit Utilization
Credit Age
Lines of Credit
Hard Inquiries
What is the term for this definition?
The person or entity named in a policy to receive death benefits.
Beneficiary