economics

Question 1

what is a budget

Answer 1

a plan to help you decide how you’ll spend your money

Question 2

50:30:20 rule

Answer 2

spend 50% of your budget on food, 30% on things you want and put 20% into savings

Question 3

what is disposable income

Answer 3

income remaining after deduction of taxes and social security charges

Question 4

simple interest formular

Answer 4

A=P(1+rt)

Question 5

compound interest formular

Answer 5

A=P(1+r/t)nt

Question 6

A=P(1+rt)
A=P(1+r/t)nt

Answer 6

A=final amount
P=initial principle balance
r=interest rate
t=time
n=number of times it it applied per time period

Question 7

difference between simple interest and compound interest

Answer 7

simple interest is calculate basen on only the principle amount while compound interest takes into account both the principle amount and any accumulated interest.

Question 8

define scam

Answer 8

dishonest scheme or fraud

Question 9

3 types of scams

Answer 9

-charity scam
-romance scam
-phishing

Question 10

define charity scam

Answer 10

asks someone for donations for a fake charity in person, by mail or through the internet

Question 11

define romance scam

Answer 11

uses a fake online identity to gain someones trust and then use the illusion of a romantic relationship to manipulate and steal from the victim

Question 12

define phishing

Answer 12

fraudulent practice of sending emails purporting to be from reputable companies so that people reveal personal info like passwords and credit car numbers

Question 13

how to avoid being scammed

Answer 13

-avoid clicking or downloading untrusted content
-regularly change your passwords