Match the economic term to its definition: INTEREST

fee paid to use someone else’s money

Match the economic term to its definition: INCOME

money that you earn or gain from investments

a means to buy something now and pay later

medium of exchange to buy goods/services

Match the economic term to its definition: LOAN

a sum of money borrowed from a person or group

Which of the following statements best describes the difference between a Debit Card and a Credit Card? A Debit Card charges interest and a Credit Card does not charge interest. A Debit Card is taken immediately from a bank account and a Credit Card you pay for later. A Debit Card is given to anyone and a Credit Card is given only to people with checking accounts. A Debit Card is used for really big purchases while a Credit Card is used for smaller purchases.

A Debit Card is taken immediately from a bank account and a Credit Card you pay for later.

money put into a project or asset to earn a return

Which of the following statements best describes the purpose of a Savings Account? A Savings Account is used to borrow money from the bank. A Savings Account is used to store money and earn interest over time. A Savings Account is used to pay bills and make purchases. A Savings Account is used to invest in stocks and bonds.

A Savings Account is used to store money and earn interest over time.

Match the economic term to its definition: ASSET

an item of value owned by a person or company

Which of the following statements best describes the function of a Checking Account? A Checking Account is used to earn high interest on savings. A Checking Account is used for daily transactions and bill payments. A Checking Account is used to invest in real estate. A Checking Account is used to secure loans from the bank.

A Checking Account is used for daily transactions and bill payments.

an obligation to pay money to another party

Which of the following statements best describes the purpose of a Certificate of Deposit (CD)? A CD is used to invest in stocks and bonds. A CD is used to borrow money from the bank. A CD is used to store money with a fixed interest rate for a set period. A CD is used to pay bills and make purchases.

A CD is used to store money with a fixed interest rate for a set period.

an obligation to pay money to another party

Which of the following statements best describes the function of a Credit Union? A Credit Union is a non-profit institution that provides financial services to its members. A Credit Union is a government agency that regulates financial markets. A Credit Union is a type of investment bank that deals with large corporations. A Credit Union is a for-profit institution that offers loans and savings accounts.

A Credit Union is a non-profit institution that provides financial services to its members.

a sum of money paid regularly by a company to its shareholders

Which of the following statements best describes the purpose of a Money Market Account? A Money Market Account is used to secure loans from the bank. A Money Market Account is used to earn higher interest than a regular savings account. A Money Market Account is used to pay bills and make purchases. A Money Market Account is used to invest in real estate.

A Money Market Account is used to earn higher interest than a regular savings account.

wealth in the form of money or assets

Which of the following statements best describes the function of a Stock Exchange? A Stock Exchange is a government agency that regulates financial markets. A Stock Exchange is a type of bank that offers savings accounts. A Stock Exchange is a non-profit institution that provides financial services to its members. A Stock Exchange is a marketplace where securities are bought and sold.

A Stock Exchange is a marketplace where securities are bought and sold.

Personal Money Pretest Flashcards

Student preview

31 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Identify the following as either a form of Money or a form of Credit: COINS

Back

Money

2.

FLASHCARD QUESTION

Front

Identify the following as either a form of Money or a form of Credit: DEBIT CARD

Back

Credit

3.

FLASHCARD QUESTION

Front

Identify the following as either a form of Money or a form of Credit: CURRENCY

Back

Money

4.

FLASHCARD QUESTION

Front

Identify the following as either a form of Money or a form of Credit: LOANS

Back

Credit

5.

FLASHCARD QUESTION

Front

Identify the following as either a form of Money or a form of Credit: GIFT CARD

Back

Credit

6.

FLASHCARD QUESTION

Front

Identify the following as either a form of Money or a form of Credit: CHECKS

Back

Credit

7.

FLASHCARD QUESTION

Front

Identify the following as either a form of Money or a form of Credit: CREDIT CARDS

Back

Credit

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