Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Economics > Personal Finance > Flashcards

Personal Finance Flashcards

1
Q

What do people spend money on?

A 
Food & Drink
•Recreation & culture
•Transport
•Housing, fuel & power
•Restaurants & hotels
•Clothing & footwear
•Education
•health
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What type of personal income does people get?

A

Wages
Salaries
State Benefits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a Salary?

A

A salary is when someone gets paid per annum (year) and not by how many days or hours they work

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a wage?

A

A wage is when someone gets paid per hour and it’s how many days or work.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Why do people save?

A 
For a rainy day –emergency funds
•For a treat
•Financial protection
•Future spending
–A house
•Retirement
•Education
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Why do people borrow?

A

Buy assets – house or car
•Pay off a loan
•Pay for medical expenses
•To cover day-to-day expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Why is using a budget a good way of saving?

A

Budgeting is a good way of saving because you can set a limit upon the amount of money you spend so you spend too much

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Every month households have to take decisions regarding how much to spend, whether to save or whether to borrow to pay for expenditure that cannot be financed from income. These decisions are influenced by various factors. What are those factors?

A
  1. The amount that you earn
  2. The Interest Rate on savings and borrowings
  3. The amount of income tax you have to pay
  4. Changes in prices affects the affordability of goods and services
  5. Consumer Confidence/Job security
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What do people spend money?

A 
Food & Drink
•Recreation & culture
•Transport
•Housing, fuel & power
•Restaurants & hotels
•Clothing & footwear
•Education
•health
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What personal income does people get?

A

Wages
Salaries
State Benefits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is a Salary?

A

A salary is when someone gets paid per annum (year) and not by how many days or hours they work

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a wage?

A

A wage is when someone gets paid per hour and it’s how many days or work.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Why do people save?

A 
For a rainy day –emergency funds
•For a treat
•Financial protection
•Future spending
–A house
•Retirement
•Education
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Why do people borrow?

A

Buy assets – house or car
•Pay off a loan
•Pay for medical expenses
•To cover day-to-day expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Why is using a budget a good way of saving?

A

Budgeting is a good way of saving because you can set a limit upon the amount of money you spend so you spend too much

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Every month households have to take decisions regarding how much to spend, whether to save or whether to borrow to pay for expenditure that cannot be financed from income. These decisions are influenced by various factors. What are those factors?

A
  1. The amount that you earn
  2. The Interest Rate on savings and borrowings
  3. The amount of income tax you have to pay
  4. Changes in prices affects the affordability of goods and services
  5. Consumer Confidence/Job security

Economics (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions