1. Briefly explain what is "utility". Briefly explain which is worth more, a dollar today or a dollar in the future (in your explanation be sure and explain "why")? How does inflation affect the value of money? Are we in a period of inflation or deflation today?
2. Briefly explain the three Uses and Misuses of Credit? In your answer please give an example of each. What is the difference between a want and a need (please explain in your own words).
3. Briefly explain the difference between open-end (revolving) and closed-end credit. What is the difference between fixed interest rate and variable rate?
4. Explain the value of personal accounting system. In your explanation why keeping good records is important and uses for these records. What is the purpose of a budget?