Which one is easier to trade with?

An example of fiat money is

Physical items that can be bought, touched, and used are called

Money received after you complete a job is

When you buy a toy

When money comes into your pocket

When money goes out of your pocket

When a company earns money it is called

A barter system is exchanging of goods and services for other goods and services.

A system of exchanging money for goods and services is called a barter system.

Trading a toy for a book with a friend is an example of a barter system.

The barter system was used because money did not exist in the past.

It is difficult to find someone who wants what you have to offer.

Money is a universal medium of exchange, while barter requires a direct exchange of goods and services.

Negotiation is an important skill to have when participating in the barter system.

Which of the following is an example of fiat money?

Fiat money gets its value from the trust and confidence that people have in the government of the country.

Fiat money is not backed by a physical commodity like gold or silver, so its value is not fixed.

Inflation means a decrease in the value of money over time.

Due to inflation, the purchasing power of fiat money can increase over time.

Just like pretend money, fiat money doesn't have any real value of its own.

Who is responsible for controlling the supply of fiat money in the economy?

What happens to the value of fiat money when too much of it is printed?

An outflow of money to another person to pay for a good or service is

Expenses which are fixed for every month

Expenses for goods and services that are non-essential

Expenses that occur in predictable amounts and intervals, but are much less frequent.

Expenses that change over a period of time

An example of a fixed expense is

An example of a periodic expense is

An example of a variable expense is

An example of a discretionary expense is

Insurance premium is an example of

Electricity bill is an example of

Dental checkup is an example of

Dinner at a 5-star hotel is a

Scarcity means having too much of something.

Not having enough of something is called

When something is scarce, it means it is not very important.

It is not easy to buy the things that are scarce.

It is important to understand scarcity so that we can make better choices about how to use resources.

It is important to use resources wisely so we don't run out of them.

Opportunity cost is the value of the best alternative given up.

Studying for a test instead of playing video games is an example of opportunity cost.

The value of the next best alternative given up is the opportunity cost.

Whenever a choice is made, something is given up.

Why does the bank pay you interest when you deposit money in your bank account?

Alex took his family out to eat. He handed the waitress a card to purchase the meal. This charge appeared on a bill that he paid three weeks later. What type of card is this?

Larry pays a tax to the government each year based on the money he earns from his job at Tesla. What type of tax does Larry pay each year?

Mark Zuckerberg is the founder of Meta. He is a ___________

(choose the most suitable option)

If you have $5 and you can either buy a toy or a piece of candy, and you choose to buy the toy, what is the opportunity cost of your decision?

Mrs. Magpie purchased a new shoe when she saw a 60% off tag on it.

What kind of a customer is she?

Who is a consumer?

Naruto is using a credit card to pay for the Ramen he ordered.

That means he is ...

What is a warranty?

What is a service?

Real asset _______________________

How can we protect our financial information?

When we pay our taxes directly to the government, it is called a?

Calculate the profit of a bakery if the total cost of producing cakes & cookies is $300 and the total sales are $500.

Yoyo is an owner of a business. She allows her employees to make decisions for the business that are needed and require their expertise. She has ________ structure.

Peter is saving his pocket money to buy his favorite toy car.

This is an example of ________

What does it mean if a business has a net loss?

Which of the step involves raising money to start the business?

What should we consider when making a purchase?

Who pays taxes?

Cash flow is only the movement of money into your pocket.

Cash flow is only the movement of money out of your pocket.

Cash flow is the movement of money into and out of your pocket.

When money flows into your pocket it is called cash inflow.

When money flows out of your pocket it is called cash outflow.

The monthly salary earned by your parents is an example of cash outflow.

The monthly salary earned by your parents is an example of cash inflow.

Expenses for grocery and electricity bills are examples of cash outflow.

When you receive interest on the money you saved in a bank, it is an example of:

Which of the following is not an example of cash inflow for a business?

Which of the following is not an example of cash inflow?

When you receive money as a gift, it is an example of:

Which of the following is an example of cash inflow for a business?

If you sell a toy you no longer need, what is it an example of?

Which of the following is an example of cash inflow?

What does cash inflow mean?

Which of the following is not an example of cash outflow for a business?

When you pay for your chess lessons, it is an example of:

Which of the following is not an example of cash outflow?

When you buy a candy with your pocket money, it is an example of:

What is the 1st step in making a budget?

What is the 2nd step in making a budget?

What is the 3rd step in making a budget?

What is the 4th step in making a budget?

What is the 5th step in making a budget?

What is the 6th step in making a budget?

What is the 7th step in making a budget?

What is the 8th step in making a budget?

How many steps are there in making a budget?

Budgeting is the process of creating a plan to spend your money.

The spending plan is called a budget.

Budgeting helps you keep a check on your expenses.

Budgeting helps you achieve targeted savings.

If we don't have a concrete plan to track our monthly cash inflows and outflows, spending can get out of hand.

If you give your car on rent and in return you get some money then your car is your asset.

If you give your car on rent and in return you get some money then your car is your liability.

Unless something is putting money in your pocket it is not an asset.

Real assets are those items that generate income for you.

Unless something is pulling money out of your pocket it is not an asset.

In most countries, cryptocurrencies are not backed by governments.

In India, cryptocurrencies are backed by the government.

Match the following:

Match the following:

The quickest way to get poor is to maximize our cash outflows and minimize our cash inflows.

We can be rich if we maximize our cash inflows and minimize our cash outflows.

An expense or expenditure is an outflow of money to another person to pay for a good or service.

Match the following:

Match the following:

It is very important to differentiate between needs and wants.

A need is something that is necessary for your survival.

Wants are things that are essential for your existence.

Wants are the things that you would like to have but don't need.

Match the following:

As per the budgeting rules:

Which of the following is correct:

What is the benefit of following the 50,30,20 rule of budgeting?

What is the recommended percentage of income to allocate towards discretionary expenses in the 50,30,20 rule?

Are debt payments included in the essential expenses category of the 50,30,20 rule?

What percentage of income is allocated towards savings in the 50,30,20 rule of budgeting?

What is the purpose of the 50,30,20 rule of budgeting?

50,30,20 rule suggests allocating 50% of income towards essential expenses,

30% towards discretionary expenses, and 20% towards savings.

50,30,20 rule suggests allocating 50% of income towards entertainment,

30% towards discretionary expenses, and 20% towards savings.

Delayed gratification is the ability to postpone

an immediate gain in favor of a greater and later reward.

Delayed gratification is the ability to postpone

an immediate gain in favor of a lesser and earlier reward.

Which of these explains a want?

What is a good reason for a computer to be a need?

A want is something that makes you happy and ____ but is not _____ to survive.

What is the difference between Fiat Currency and Crypto Currency?

Which of these habits is required for saving your money efficiently?

What is cryptocurrency?

Who invented the first cryptocurrency?

Which of the following is not a cryptocurrency?

Which of the following is a cryptocurrency?

How is cryptocurrency stored?

How is cryptocurrency transferred from one person to another?

What is the maximum number of Bitcoins that can ever exist?

Cryptocurrency allows people to make transactions

online without the need for a central authority.

The original purpose of cryptocurrency was to create a decentralized system of money that could not be manipulated or controlled by any single entity.

Cryptocurrency was designed to provide people

with a more secure and private way to make transactions.

The original purpose of cryptocurrency was to create a decentralized system of money that was more secure and private than traditional money.