SS8E3 REVIEW

What is a reliable method to ensure a steady flow of income for managing expenses and future savings?

• Having a job

• trading in the stock market

• taking out a loan

• using a credit card

How does creating a household budget help you?

• It will enable you to manage his monthly income wisely and cut down on unnecessary spending.

• It will allow you to boost your monthly earnings and lower the taxes you owe to the government.

• It will assist you in reducing the savings needed to achieve his major financial objectives each month.

• It will help you minimize the risks associated with financial investments and ensure a high return.

What is the best reason to save money?

• To spend on immediate desires

• To ensure financial security for family

• To plan for future goals

• To have cash available at all times

What is a risk of carrying too much debt?

• being required to work without pay

• being required to pay higher taxes

• being unable to receive future credit

• being unable to earn a reliable income

What tool can help an individual track their spending and savings effectively?

• Personal finsncial management plan

• Loan agreement

• Investment portfolio

• Insurance policy

Which of the following is NOT a common use of debt?

• Financing business expansion

• Purchasing assets like homes or cars

• Paying off existing debt

• Increasing disposable income

What is saving?

• Amont of money used for purchasing items

• Setting aside money for future use

• Amount of money a worker earns

• Amount of money spent in a day

Joey was approved for a credit card and soon spent over $2000. What is the money owed called?

• Debit

• Savings

• Debt

• Bankruptcy

What is an expenditure?

• Money earned by a worker

• Money spent

• Benefits from a job

• Money saved

The bank agreed to loan me the money that I needed to start my new business. My ability to borrow this money is known as what? 

• interest 
• budget 
• debt 
• credit