Government & Econ Lifepac #9 // Self Test #1

Proverbs 12:11

"He that tilleth his land shall be satisfied with bread."

Proverbs 3:5-10

"Honour the LORD with thy substance, and with the firstfruits of all thine increase: So shall thy barns be filled with plenty..."

Proverbs 23:4-5

"Labour not to be rich: cease from thine own wisdom. Wilt thou set thine eyes upon that which is not?"

Proverbs 21:20

"There is treasure...and oil in the dwelling of the wise; but a foolish man spendeth it up."

Proverbs 13:11

"Wealth gotten by vanity shall be diminished; but he that gathereth by labour shall increase."

Proverbs 3:27-28

"Withhold not good from them to whom it is due, when it is in the power of thine hand to do it. Say not unto thy neighbor, Go, and come again, and tomorrow I will give; when thou hast it by thee."

warehouse direct

A type of business that eliminates the retail part of the transaction. Many times a consumer can buy products in bulk, or larger quantities than is available in retail stores.

middle-men

If you buy items at a retail store, there is a bit of ____________________________ money that gets added on, meaning that money will not only go to the manufacturer but also to the store that stocks and sells the product.

bank balance

Keeping a _____________________ _______________________ means you keep a current total of what you have deposited into your account as well as what you have spent out of your account.

expenses, income

When you have listed all your income and expenses, subtract the _______________________ from ____________________ and see what comes out on the "bottom line"

non-sufficient funds

a notice sent to the customer if his deposits are not enough to cover the costs of the check he has written

cashless society

a society where consumers rely solely on credit cards, debit cards, electronic accounts, and checks

processed

actions which take the check from the merchant to the accounting centers of the bank

free period

another name for a "grace period"

impulse buying

making a purchase of the spur of the moment without careful planning

factory direct

manufacture to consumer selling

Nehemiah 10:37

one of the Bible passages that mentions the tithing principal

steward

one who manages money or the affairs of a household

Proverbs 22:7

says, in effect, that if you borrow money you are the lender's slave

check date

tells the bank the length of time used in the processing of the check as well as the day of purchase

credit limit

the amount of spending that the credit card company will allow you

paying yourself

the nickname for the habit of putting money into a savings account

payee

the person who will receive the check as payment

minimum balance

the smallest amount allowed in an account without a financial penalty

gross income

the total money earned without subtracting deductions

frivolous

trivial, not requiring serious though; considered silly

overdrawing

writing a check for more money than is available in your account

checking account

written orders that direct payment from a bank based upon the funds available from a depositor's account