Economics Unit One

0.0(0)
Studied by 0 people
call kaiCall Kai
Locked
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/14

encourage image

There's no tags or description

Looks like no tags are added yet.

Last updated 12:59 AM on 8/26/26
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai
Chat

No analytics yet

Send a link to your students to track their progress

15 Terms

1
New cards

Assets

  • Everything you own that has value

  • Ex: savings, investments, car, house, jewelry, stocks & bonds


2
New cards

Liabilities

  • The total of all your debt

  • Ex: Credit cards, student loans, car loans, mortgage


3
New cards

Net Worth

  • (Assets - Liabilities)

  • What you own minus what you owe


4
New cards

Net Income

  • Money you bring home after taxes are taken out


5
New cards

5 Foundations

  1. Save a $500 emergency fund

  2. Get out of debt + stay out of debt

  3. Pay cash for your car

  4. Pay cash for college

  5. Build Wealth + Give geneously


6
New cards

1st Foundation

1.Save a $500 emergency fund

7
New cards

2nd Foundation

2. Get out of debt + stay out of debt

8
New cards

3rd Foundation

3. Pay cash for your car

9
New cards

4th Foundation

  1. Pay cash for college


10
New cards

5th Foundation

  1. Build Wealth + Give generously


11
New cards

Money Behavior

  • 80% : Habit

  • 20% : Knowledge


12
New cards

Fixed Expense

  • An expense that remains the same from month to month

  • Ex: Rent or Subscription


13
New cards

Variable Expense

  • An expense that changes in amount but happens every month

  • Ex: Groceries, Gas, Electric bill


14
New cards

Intermittent Expense

  • An Expense that occurs at various times during the year, often in large sums

  • Ex: Yearbook or Car insurance


15
New cards

Discretionary Expense

  • An expense for things you do not need

  • Wants but NOT needs