5 Written questions
5 Matching questions
- Standard of Living
- a Compensation for work, usually calculated on an hourly, daily, or piecework basis and paid on schedule—usually weekly, biweekly, or monthly. (See Salary.)
- b The overall degree of comfort of an individual, household, or population, as measured by the amount of goods and services its members consume.
- c A written contract specifying the terms for the use of an asset and the legal responsibilities of both parties to the agreement, such as a landlord and tenant.
- d A profession or field of employment for which one studies or trains, such as financial services or medicine.
- e An easy-access credit business that makes high-interest loans secured by personal property collateral, such as jewelry.
5 Multiple choice questions
- Desired results from one's efforts to achieve personal economic satisfaction.
- The principles and methods that individuals use to acquire and manage income and assets.
- 1. A spending plan. 2. A record of projected and actual income and expenses over a period.
- The value of possible alternatives that a person gives up when making one choice instead of another; also known as a trade-off.
- 1. A legal agreement that records a debt or equity obligation from a corporation, government, or other organization. Examples include stocks and bonds. 2. Collateral for a loan.
5 True/False questions
Risk Management → A summary of receipts and payments for a given period, helpful when preparing a budget; also known as an income and expense statement.
Compounding → A person who relies on another individual for support.
Tax Credit → An amount that a taxpayer who meets certain criteria can subtract from tax owed. Examples include a credit for earned income below a certain limit and for qualified post-secondary school expenses. (See Tax deduction and Tax exemption.)
Disability Insurance → Protects dependents from loss of income, debt-repayment, and other expenses after the death of the insured party.
Debt → A periodic fee for the use of property.