Reality Check - Terms to Know

A loan taken by a person in order to buy a home is called a......

• Rent

• Mortgage

• Bad Idea

• Lease

Money paid monthly to a person who owns the property that you are using for a residence or business is called .....

• Rent

• Mortgage

• Bad Idea

• Lease

Spare time to relax and do things that you enjoy. Time free from work and responsibilities is called.....

• Layoff

• Aptitude

• Logo

• Leisure time

What word means "made up of different things or kinds of things which don't necessarily have any conncection with each other"?

• Manage

• Materialism

• Motivation

• Miscellaneous

A financial cost, fee,or charge is called an.....

• Employee

• Equity

• Expense

• Economic recession

The amount of money earned each month working at a job, before deductions, is called....

• Gross monthly pay

• Expenses

• Deductions

• Balance

What word matches this definition? "Money automatically subtracted from gross income, and forwarded to the government, including income tax and insurance."

• Degree

• Downsizing

• Diploma

• Deductions

Money received in exchange for labor, products, services, or investiment is called.....

• Investment

• Igloo

• Income

• Layoff

The amount remaining after all the deductions and expenses have been subtracted from gross income.

• Balance

• Budget

• Brainstorm

• Business

TRUE or FALSE? To balance a budget means to adjust it so that you don't spend more than you can earn.

• True

• False