How much should Samantha be saving each month (minimum)?
Personal Finance Unit 4 Review - Budgeting & Saving

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1.
FLASHCARD QUESTION
Front
Back
$280.00
Answer explanation
Financial planners suggest that you save at least 10 PERCENT of your income.
10% of Samantha's monthly income is $280.
2.
FLASHCARD QUESTION
Front
What is Samantha's Wealth?
Back
$3700
Answer explanation
Samantha's wealth is the same as her Possessions (which totals $3700).
3.
FLASHCARD QUESTION
Front
What is Samantha's net worth?
Back
-$12,500
Answer explanation
Net Worth is the value of your Possessions minus your Total Debt.
Samantha's Possessions are $3,700 and her debt is $16,200.
$3,700 - $16,200 = $12,500
4.
FLASHCARD QUESTION
Front
What kind of budget balance does Samantha have? Options: A surplus, A deficit, A balanced budget, Not enough information provided to answer
Back
A surplus
Answer explanation
To calculate a budget balance, you subtract monthly expenditures from monthly income.
In this case $2800 - $2530 = $270
She earns more than she spends, so Samantha has a budget SURPLUS.
When expenses are more than income in a budget, it has a budget DEFICIT.
5.
FLASHCARD QUESTION
Front
Why are mutual funds a popular form of saving for many people?
Back
They ensure that your money is invested in a variety of stocks and bonds.
Answer explanation
Experts say your portfolio of investments should be DIVERSIFIED, meaning that you are invested in a variety of stocks and bonds.
Mutual funds are invested in many different stocks and bonds, so diversification is built in.
6.
FLASHCARD QUESTION
Front
Which of the following is the best description of a municipal bond? Options: This investment is safe, because you are lending money to the U.S. government., This investment is FDIC insured for up to $150,000., This investment represents ownership in a corporation., This tax-exempt investment is issued by state and local governments to raise funds.
Back
This tax-exempt investment is issued by state and local governments to raise funds.
Answer explanation
Many cities and local governments fund improvements to schools, road, etc. through municipal bonds.
The are considered safe, and. their earnings are tax deductible.
7.
FLASHCARD QUESTION
Front
Which of the following lists assets from MOST risky to LEAST risky? Junk Bonds, Mutual Funds, Certificates of Deposit, Treasury Bonds
Back
Junk Bonds, Mutual Funds, Certificates of Deposit, Treasury Bonds
Answer explanation
Remember that Junk Bonds are the MOST risky asset and Treasury bonds are the LEAST risky.
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