Budgets
Which of the following is an essential need?
housing
entertainment
designer clothes
Housing
If you put money into a savings account will earn what over time?
Interest
Who would make more money- a part time employee or full-time employee?
Full time
If you need to borrow money for a large purchase should you use a credit card or take out a loan? Why?
Loan- Lower interest rate
Which of the following is a nonessential?
Housing
Food
Utilities
Going on a vacation
Going on a vacation
Which is an example of a long-term saving goal?
Taking an expensive vacation
Buying a new shirt
Buying a movie tocket
Taking an expensive vacation
Which job would make more money- a low skill job like a retailer worker or a high skill job like a surgeon?
High-Skill job (Surgeon)
What is credit?
Borrowing money you will have to pay back with interest
Why are budgets important?
To make sure you don't overspend
To make sure you money for the things you need
To make sure you have savings for emergencies
Why should you put money into savings?
To save up to buy an expensive product
For unplanned expenses or emergencies
What are three factors that can impact pay?
-how difficult the job is
-the hours worked
-the time of day
-the skill level
How can you avoid paying interest on a credit card?
Pay the full amount of the bill each month
What is a name for a plan for saving and spending?
Budget
If you don't have money saved up for emergencies you could go into what?
Debt
What is the name of the money you receive from a job>
wage or salary
What are the two main types of credit?
credit cards and loans
What is the difference between a fixed or variable expense?
Fixed- the cost is the same from month to month
Variable- the cost changes from month to month
True or False
Your expenditures should be more than your income.
False
What word describes money earned as a percentage of a sale?
Commission
True or False
The longer it takes to pay off credit card or loan debt, the more interest you have to pay.
True