The agreement to receive cash, goods or services now and pay for them later.
Personal Finance Final Exam Review

Flashcard
•
Other
•
11th Grade
•
Hard
Heidi Galloway
FREE Resource
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50 questions
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1.
FLASHCARD QUESTION
Front
Back
Credit
Answer explanation
The correct answer is 'Credit' because it refers to the agreement to receive cash, goods, or services now and pay for them later, allowing consumers to make purchases without immediate payment.
2.
FLASHCARD QUESTION
Front
The amount of money you make per year
Back
Annual income
Answer explanation
The question asks for the amount of money made per year, which is defined as 'Annual income'. 'Monthly income' refers to earnings per month, while 'Monetary' is a general term and not specific to income.
3.
FLASHCARD QUESTION
Front
Example of a variable expense: Rent, Groceries, Health Insurance, Car Payment
Back
Groceries
Answer explanation
Groceries are a variable expense because their cost can fluctuate based on consumption and shopping habits. In contrast, rent, health insurance, and car payments are fixed expenses that remain constant each month.
4.
FLASHCARD QUESTION
Front
Which of the following is an example of a fixed expense? Rent, Groceries, Gas, Clothes
Back
Rent
Answer explanation
Rent is a fixed expense because it remains constant each month, unlike groceries, gas, and clothes, which can vary in cost.
5.
FLASHCARD QUESTION
Front
The least amount of money you can pay on a credit card per month.
Back
Minimum Payment
Answer explanation
The minimum payment is the least amount you can pay on a credit card each month to keep the account in good standing. It is not the credit limit, APR, or opportunity cost.
6.
FLASHCARD QUESTION
Front
Money owed to a person or a business
Back
Debt
Answer explanation
The term 'Debt' refers to money owed to a person or a business. It specifically indicates an obligation to pay back borrowed funds, distinguishing it from 'Debit' and 'Credit', which relate to accounting entries.
7.
FLASHCARD QUESTION
Front
The amount of interest you must pay for the credit you use in a given month
Back
Interest Rate
Answer explanation
The interest rate is the percentage charged on the amount of credit used, determining the interest you must pay for that credit in a given month. Thus, the correct answer is 'Interest Rate'.
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