Personal Finance And Economics Question Preview (ID: 41996)


Georgia Personal Finance Standards. TEACHERS: click here for quick copy question ID numbers.

Which of the following is a benefit of making a household budget
a) a budget will help and individual adapt to changes in financial circumstances
b) you can buy everything you want
c) you will never have to work again
d) you can retire today

Which of the following is the BEST definition of INVESTING?
a) using money in hopes of gaining more in the future by lending to businesses in exchange for a share of profits.
b) setting aside of income for future use.
c) the amount of money a person earns during a year.
d) a plan for spending

Which of the following is the BEST definition of a BUDGET?
a) a plan for spending
b) the amount of money a person earns during a year.
c) setting aside of income for future use.
d) using money in hopes of gaining more in the future by lending to businesses in exchange for a share of profits

Which of the following is a reason for and a benefit of saving?
a) Providing a cushion for emergencies.
b) allowing you to quit your job
c) you can buy everything you want
d) you will never have to pay back a loan

an amount of money borrowed by one party from another party = is a definition of what economic term?
a) debt
b) budget
c) savings
d) expenditure

What is the economic term for an additional amount you pay to use borrowed money.
a) interest
b) debt
c) expenditure
d) income

What is the economic term for legal proceeding involving a person or business that is unable to repay outstanding debts.
a) bankruptcy
b) income
c) expenditure
d) taxes

What is an important difference between the federal budget and the budget of the state of Georgia?
a) The state budget must be balanced.
b) The federal budget must be balanced.
c) The federal government may not run into debt.
d) There are no differences.

Which of the following is the BEST definition of CREDIT?
a) an amount of money loaned to a person that must be paid back along with additional interest.
b) an additional amount you pay to use borrowed money.
c) a legal proceeding involving a person or business that is unable to repay outstanding debts
d) setting aside of income for future use

Unchecked debt can lead to which of the following health issues?
a) All of the Above!
b) hypertension (high blood pressure)
c) mental health issues
d) stroke

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