Financial Literacy Review

Front

What is a plan for how much income will be received and how it will be spent?

Back

Budget

Front

The money in your account is called...

Back

Balance

Front

What are variable expenses?

Back

Expenses that can change from month to month.

Front

What is a fixed expense?

Back

An expense that remains the same each month, such as rent.

Front

What is a tax on retail products based on a set percentage of retail cost?

Back

Sales tax.

Front

What is the term for money received from work or investments?

Back

Income.

Front

What is the difference between needs and wants?

Back

Needs are essential for survival, while wants are things we desire but can live without.

Front

What is a savings account?

Back

A bank account that earns interest on the money deposited.

Front

What does it mean to invest?

Back

To put money into something with the expectation of earning a profit.

Front

What is a credit card?

Back

A card that allows you to borrow money to make purchases, which you must pay back later.