Question 1

_________________ is interest paid on the initial principal and on interest earned in the past.

Accepted Answer

compound interest

Answer

variable expenses

Answer

simple interest

Answer

fixed expenses

Question 2

Items that are owned by an individual are called _____________.

Accepted Answer

assets

Answer

taxes

Answer

liability

Answer

budget

Question 3

_________________ are costs that do not change based on the amount that is used.

Accepted Answer

fixed expenses

Answer

sales tax

Answer

income tax

Answer

variable expenses

Question 4

Debts that are owed by an individual are called ___________________.

Accepted Answer

liability

Answer

assets

Answer

net worth

Answer

budget

Question 5

The value of one's assets minus one's liabilities is called _______________.

Accepted Answer

net worth

Answer

budget

Answer

variable expense

Answer

liability

Question 6

_____________ are costs that change based on the amount that is used.

Accepted Answer

variable expenses

Answer

budget

Answer

liability

Answer

fixed expenses

Question 7

A plan for spending is called a(n) _________________.

Accepted Answer

budget

Answer

expenses

Answer

tax

Answer

liability

Question 8

Interest paid only on the initial principle of a savings account or loan is called ____________.

Accepted Answer

simple interest

Answer

compound interest

Answer

income tax

Answer

sales tax

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