What is the primary purpose of creating a budget?
Personal Finance Knowledge Flashcard

Flashcard
•
Life Skills
•
10th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
To plan for future financial goals
2.
FLASHCARD QUESTION
Front
Which of the following is a component of a credit score?
Age of the account holder,
Payment history,
Number of dependents,
Type of employment
Back
Payment history
3.
FLASHCARD QUESTION
Front
Identify the type of investment that typically offers the highest potential return.
Back
Stocks
4.
FLASHCARD QUESTION
Front
What is the benefit of starting to save for retirement early?
Back
More time for compound interest to grow
5.
FLASHCARD QUESTION
Front
Which strategy is most effective for managing debt? Options: Ignoring bills until they are due, Paying only the minimum balance, Consolidating debts at a lower interest rate, Taking out new loans to pay old ones
Back
Consolidating debts at a lower interest rate
6.
FLASHCARD QUESTION
Front
Calculate the monthly savings needed to reach a financial goal of $12,000 in 5 years, assuming no interest is earned.
Back
$200
7.
FLASHCARD QUESTION
Front
Which of the following is a fixed expense in a typical budget? Groceries, Rent, Entertainment, Clothing
Back
Rent
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