Unit #2 PFL & Eco Exam (2024 Version)

Front

Always ensure you have a _____

Back

Budget

Front

Understanding personal finances requires knowing your financial status, income, goals, and plans to achieve them.

Back

Key aspects include: financial standing, income, goal setting, and strategies for reaching those goals.

Front

Personal finance involves financial decisions made by an individual or family regarding earning, budgeting, saving, spending, and donating money.

Back

Correct Answer: Individual or family

Front

Financial literacy is the knowledge and skills needed to manage finances effectively.

Back

It enables informed consumer decisions.

Front

If assets > liabilities, net worth is:

Back

Positive

Front

NOT a budget component?

Back

Credit score

Front

Types of expense for going to the movies?

Back

Discretionary and variable.

Front

Net income is the amount paid before taxes.

Back

False

Front

Types of income

Back

All money received, including salary and gifts.

Front

45% of Americans have < $1000 saved for an _____

Back

Emergency