Financial Planning

Flashcard
•
Mathematics
•
11th - 12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is Financial Planning?
Back
Financial Planning is the process of setting goals, developing a plan to achieve those goals, and managing resources to ensure financial stability and growth.
2.
FLASHCARD QUESTION
Front
What is Gross Income?
Back
Gross Income is the total amount of money earned by an individual before any deductions or taxes are applied.
3.
FLASHCARD QUESTION
Front
What is Net Income?
Back
Net Income is the amount of money an individual takes home after all deductions, taxes, and expenses have been subtracted from gross income.
4.
FLASHCARD QUESTION
Front
What factors should be considered when buying a car with a loan?
Back
Factors include Monthly Payment, Monthly Fuel Cost, and Monthly Insurance Cost.
5.
FLASHCARD QUESTION
Front
What is Comprehensive Insurance?
Back
Comprehensive Insurance covers damages to a vehicle caused by theft, vandalism, natural disasters, and other non-collision incidents.
6.
FLASHCARD QUESTION
Front
What is the difference between Gross Income and Net Income?
Back
Gross Income is the total earnings before deductions, while Net Income is the earnings after deductions and taxes.
7.
FLASHCARD QUESTION
Front
What is a Monthly Payment in the context of loans?
Back
A Monthly Payment is the amount of money that must be paid each month to repay a loan.
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