Vocab
____________________ is a tax imposed on goods that are imported to a country
Tariff
What is a budget?
A plan for receiving and spending money for a specific period of time
What is interest?
Money paid for the use of money
It is important to use credit
WISELY
__________________________ is the total value of all final goods and services produced in a country or state in a given year.
Gross Domestic Product
How long should you plan your budget for?
One year
How frequently should you set aside money into your savings account?
Each month
What is a major purchase you could make on a credit card?
A house or a car, or other various answers
________________________ are a view of the population that can include age, gender, income, education, and employment.
Demographics
What is the first step of planning a budget?
Make a list of all your income
What is an example of a long-term goal you could save up for?
Various answers
What is the purpose of a credit history?
A credit history represent a person's ability to pay future debts.
What is an extractive industry?
An industry that removes natural resources from the earth
What is a fixed expense?
set amounts that must be payed each month
A ________________________ is an account in which the depositor can write checks to pay bills on demand.
Checking
What does your access to credit depend on?
Your income, how much you borrow, your payment history, and how much you owe.
A _______________________ is a high-speed communications network
Broadband
What is an example of a flexible expense?
Various answers
What is a savings account?
A holding place for money for the future
How do you keep a good credit history?
Make payments on time