Money And Money Management Flashcards

1
Q

What is Money?

A

Any object or material serving as a medium of exchange and a measure of value such as cheque

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2
Q

What is Money Management

A

It is a process that involves the planned use and control of money. It includes how people, spend, save and invest thier money

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3
Q

What are the 2 types of Income

A

Gross Income
Net Income

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4
Q

What are fixed expenses

A

Set amounts of money usually paid in the same amount over a period of time

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5
Q

Flexible expenses are

A

Expenses that change over a period of time

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6
Q

A standard of deferred payment

A

Money in the form of credit permits, a person acquires goods and services and pays for them later

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7
Q

Measure of Standard Value

A

Labeling money or goods allows consumers to compare financial in the past with the present

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8
Q

Examples of Fixed Expenses

A

Rent
Insurance
Taxes
Loans

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9
Q

Examples of Variable Expenses

A

Food
Transportation
Utilities
Clothing

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10
Q

Income is

A

The money earned from salary or investment

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