MTH322B Final Exam

A budget is:

• A plan for saving and spending money

• A type of investment

• A financial institution

• A loan agreement

Fixed expenses are:

• expenses that change every month

• expenses that remain the same every month

• expenses that occur only once

• unexpected expenses

Savings are:

• Money set aside for future use

• A type of loan

• An expense

• A form of income

An emergency fund is:

• a savings account for daily expenses

• a fund for unexpected expenses

• a retirement savings account

• an investment in stocks

Needs are:

• Basic requirements for survival

• Wants or desires

• Unnecessary luxuries

• Optional choices

Wants are:

• basic needs for survival.

• desires that are not essential.

• mandatory requirements for living.

• unnecessary and harmful.

Healthcare is:

• a system for providing medical care

• a type of insurance

• a government policy

• a medical condition

A checking account is:

• a type of savings account with limited transactions

• an account that allows easy access to funds for daily transactions

• an investment account with high returns

• a retirement account with tax benefits

A savings account is:

• a type of bank account that earns interest

• a loan given by the bank

• a credit card service

• an investment in the stock market

A deposit is:

• a type of withdrawal from a bank account

• a sum of money placed in a bank account

• a loan taken from a bank

• a financial penalty