SAVING
The most important factor when first developing a financial plan should be the money received for your labor or services, the sale of property or goods, from financial investments, or other services. Which of the following is being described as the identified factor?
What is income?
common reasons for bankruptcy
When an individual takes money they could have spent but instead puts it into a bank or investment account is the benefit of which of the following?
What is savings
What is a budget
an estimate of income and expenditure for a set period of time.
Which of the following BEST identifies the benefit of savings?
Savings can assist you in planning for future expenses
Purchasing a mortgage, advancing education or starting or expanding a business are considered acceptable uses of which of the following? Choose the BEST two
What is credit and debt?
After income and expenses, which of the following is the MOST important part of a budget and why is it important?
What is Savings because it provides financial security and is useful in an emergency?
what are the two types of Bankruptcies
Chapter 7 or Chapter 13 bankruptcy
Which of these is an example of income?
What is an hourly wage
Morgan made a detailed budget after getting her first job. During her second year of employment her income decreased far below her earlier estimates. She was unable to make many planned purchases. She does not know what to do next.
Yes; what is most important is making sure her spending does not exceed her income
Krissy has recently decided that she wants to save money to purchase a motorcycle. She has a job, but she is not sure what her income will be for the duration of the loan. She is also worried she can’t afford a loan in addition to insurance and her expensive lifestyle.
What is Krissy needs to first estimate her income for the duration of the loan to see how much she can spend overall.
Debt allows for the delayed payment for goods and or services and comes with an additional amount of money. What is the term for the additional amount of money you pay to use borrowed money?
What is interest?
Which of the following BEST summarizes the function of an interest rate?
What is paying the lender for the privilege of using their money to make a purchase?
Which of the following is the BEST definition of credit?
What is money loaned to a person that must be paid back along with additional interest?
Which is the MAIN reason why a person should have a budget?
What is to be able to save for long-term financial goals
What is a common reasons for bankruptcy
What is a 41k/ROTH IRA used for
What is retirement
What is income
money received, especially on a regular basis, for work or through investments.
When creating a personal budget, which is the MOST important ratio to consider?
What is ratio of income to expenditures?
Which should determine your living expenditures each month?
What is income
When an individual takes money they could have spent but instead puts it into a bank or investment account is the benefit of which of the following?
What is savings?
What is one benefit of making a budget?
What is makes it easier to set financial goals?
An IRA account and a 401(k) are both examples of which common banking service?
What is a retirement savings?
Define a household budget.
A household budget is a spending plan that helps you determine where your money should go each month.
The amount of money that a person owes is defined as which financial term?
What is debt?