Money And Money Management

Question 1

What is Money?

Answer 1

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

Question 2

What is Money Management

Answer 2

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

Question 3

What are the 2 types of Income

Answer 3

Gross Income
Net Income

Question 4

What are fixed expenses

Answer 4

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

Question 5

Flexible expenses are

Answer 5

Expenses that change over a period of time

Question 6

A standard of deferred payment

Answer 6

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

Question 7

Measure of Standard Value

Answer 7

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

Question 8

Examples of Fixed Expenses

Answer 8

Rent
Insurance
Taxes
Loans

Question 9

Examples of Variable Expenses

Answer 9

Food
Transportation
Utilities
Clothing