Financial Literacy Questions

Front

Which of the following are examples of needs? Food, water, shelter; Luxury car, designer clothes; Smartphone, laptop; Vacation, entertainment

Back

Food, water, shelter

Front

What is income?

Back

Money received, especially on a regular basis, for work or through investments

Front

What is an expense?

Back

A cost incurred in the process of earning revenue.

Front

What is an opportunity cost?

Back

The cost of an alternative that must be forgone to pursue a certain action

Front

What things should you pay attention to when buying an alarm clock?

Back

Price and brand, Design and size, Features and functionality

Front

What does it mean to “consider your source” when reading product reviews?

Back

It means to check the credibility and reliability of the reviewer.

Front

What are two good reasons to build extra cash into your budget?

Back

To cover unexpected expenses and emergencies

Front

What is a unit price?

Back

The cost per individual item

Front

How could paying attention to the unit price of an item help you make decisions to buy items?

Back

It helps you compare the cost-effectiveness of different products.

Front

How could paying with cash help with budgeting?

Back

It limits spending to available cash.