Personal Finance

Front

What is the difference between Exchange Value and Use Value?

Back

Exchange Value refers to the amount of money or goods that can be obtained in exchange for a product, while Use Value refers to the utility or satisfaction derived from using a product.

Front

How much do you need to invest monthly to become a millionaire by retirement if starting at age 30?

Back

$700

Front

Which payment method is perceived to cause the most pain of paying?

Back

Cash

Front

Which of the following is NOT a method to pay taxes?

Back

Airline Miles

Front

What is Principal in the context of finance?

Back

Principal is the amount of money lent to a borrower or invested.

Front

Define Personal Finance.

Back

Personal Finance is the management of individual or family financial activities, including budgeting, saving, investing, and planning for future financial goals.

Front

What is the purpose of a budget?

Back

A budget is a financial plan that helps individuals allocate their income towards expenses, savings, and investments.

Front

What is the concept of Compound Interest?

Back

Compound Interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.

Front

What is the difference between Saving and Investing?

Back

Saving is setting aside money for short-term needs, while investing involves using money to purchase assets with the expectation of generating a return over the long term.

Front

What is a Credit Score?

Back

A Credit Score is a numerical representation of a person's creditworthiness, based on their credit history.