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Financial Literacy Chapter 4 Vocab Quiz Review

Financial Literacy Chapter 4 Vocab Quiz Review. Match up the following words and definitions. financial resources. wants. needs. cash inflows. cash outflows. expenses, or items for which you must spend money. money or other items of value that are used to acquire goods and services.

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Financial Literacy Chapter 4 Vocab Quiz Review

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  1. Financial Literacy Chapter 4 Vocab Quiz Review

  2. Match up the following words and definitions financial resources wants needs cash inflows cash outflows expenses, or items for which you must spend money money or other items of value that are used to acquire goods and services things needed for survival: food, clothing shelter things people desire for reasons beyond survival and basic comfort income from your job, investments, other sources

  3. A variable expense can go up and down each month

  4. What is a spending and saving plan based on income and expenses? budget

  5. what is a computer program that allows you to insert numbers and formulas to compute amounts and make a budget spreadsheet software

  6. A fixed expense can change each month

  7. What is the act of donating money or time to a cause in which you believe? charitable giving/ philanthropy

  8. Variances in a budget are the difference between planned amounts and actual amounts

  9. Manual records are soft-copy formats of your financial information stored on your computer

  10. What to we call the interim steps in a financial plan, which are steps to measure your progress toward a goal? benchmarks

  11. Debts you OWE are called liabilities

  12. Money or items of value you OWN are called: assets

  13. What do we call the difference between your assets and your liabilities? net worth

  14. Giving up one option in exchange for another option is called: tradeoff

  15. Encryption coverts your computer data into coded form and helps protect your information.

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