Vocational Math Semester 1 Review

Front

What is a credit score?

Back

A number that helps companies decide where to loan you money.

Front

What is the term for the amount of money you currently have?

Back

Current balance.

Front

What is 'something that is needed to survive'?

Back

Needs.

Front

How do you purchase something online with a credit card?

Back

You fill out the credit card information at checkout.

Front

What is a budget?

Back

A plan that outlines expected income and expenses.

Front

What is income?

Back

Money received, especially on a regular basis, for work or through investments.

Front

What is the difference between needs and wants?

Back

Needs are essential for survival, while wants are desires that enhance quality of life.

Front

What is the purpose of a savings account?

Back

To save money while earning interest.

Front

What is interest?

Back

The cost of borrowing money or the earnings from saving money.

Front

What is a loan?

Back

Money borrowed that is expected to be paid back with interest.