Unit Two Assessment

When you compare how much you earn to how

much you are spending, you are working to create

this type of financial plan.

• Economics

• Budget

• Savings

• Loans

Items that satisfy the needs of the consumer.

• Economics

• Service

• Good

• Want

Short supply

• Scarcity

• Surplus

• Demand

• Want

A charge or fee applied to an account balance

when a payment is not made.

• Bill

• Credit

• Loan

• Interest

Money owed

• Savings

• Debt

• Revenue

• Interest

The ability to purchase a good before a payment is made in the future.

• Gift Card

• Debit

• Credit

• Scarcity

What is a disadvantage of using a credit card?

• Limited by a certain amount funds

• Interest can accrue on unpaid balance

• They have unique designs

• The allow you to make emergency purchases

When considering ways to mitigate risk in personal finance, what strategy involves transferring the financial burden of certain risks to a third party?

• Taking on all risks independently

• Ignoring potential risks

• Implementing risk prevention measures

• Purchasing insurance coverage

The study of the consumption, production, and transfer of wealth.

• Economics
• Psychology
• Sociology
• Geography

The action of exchanging currency for goods or services

• Spending

• Investment
• Savings
• Loan