
Final Exam
Flashcard
•
Social Studies
•
11th Grade
•
Hard
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60 questions
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1.
FLASHCARD QUESTION
Front
What is the purpose of a budget?
Back
The purpose of a budget is to allocate income and resources to meet financial goals and manage expenses.
2.
FLASHCARD QUESTION
Front
What are some common budgeting methods? Options: 50/30/20 method, envelope system, zero-based budgeting, balanced money formula, random allocation method, spending spree method, 80/20 method
Back
50/30/20 method, envelope system, zero-based budgeting, balanced money formula
3.
FLASHCARD QUESTION
Front
Why is it important to have an emergency fund?
Back
To provide a financial safety net for unexpected expenses or emergencies.
4.
FLASHCARD QUESTION
Front
What is a credit score and why is it important?
Back
A credit score is a numerical representation of an individual's creditworthiness.
5.
FLASHCARD QUESTION
Front
What a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
Back
Net Income
6.
FLASHCARD QUESTION
Front
The cost of goods or services; money paid out
Back
Expense
7.
FLASHCARD QUESTION
Front
The knowledge and skill base necessary for people to be informed consumers and manage their finances effectively
Back
Financial Literacy
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