11 Questions
What are features of a product?
Notable qualities or characteristics of a product
What is a budget surplus?
Having money left after spending less than the budgeted amount
What is the purpose of categorizing expenses into needs and wants?
To prioritize spending on needs
Which of the following best describes a budget?
A financial plan that shows what you plan to do with your money
What are fixed expenses?
Expenses that stay the same each time you pay for them
What are variable expenses?
Expenses that change each time you pay for them
Which of the following is an example of a need?
Rent
What is leasing?
Another word for renting
What are utilities?
Services necessary for running a home, such as electricity and water
What is the definition of assets?
Things you own that are worth money
What is the meaning of debt?
Money, goods, or services owed to another person or institution
Study Notes
Product Features
- Features of a product are the characteristics that make it unique and desirable to consumers.
Budgeting
- A budget surplus occurs when income exceeds expenses.
- Categorizing expenses into needs and wants helps prioritize spending and make informed financial decisions.
- A budget is a plan for how to allocate one's income towards expenses, savings, and debt repayment.
- Fixed expenses are regular, non-negotiable payments, such as rent, mortgage, or loan payments.
- Variable expenses are discretionary and can be adjusted, such as entertainment, hobbies, or travel.
Needs and Wants
- A need is an essential expense that is required for survival, well-being, or safety, such as housing, food, or healthcare.
- Food is an example of a need.
Financial Concepts
- Leasing is a financial arrangement where one party grants another party the right to use an asset in exchange for regular payments.
- Utilities are essential services, such as electricity, water, or gas, that are necessary for daily life.
Financial Definitions
- Assets are valuable items or investments owned by an individual, such as property, cash, or investments.
- Debt refers to borrowed money that must be repaid, often with interest, such as credit card debt or loans.
Test your knowledge on budgeting and learn how to effectively manage your finances. This quiz will cover topics such as reviewing financial history, setting financial goals, categorizing expenses, and distinguishing between needs and wants. Discover the key steps to creating a successful budget and take control of your money.
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