Personal Financial Literacy (6th)

Front

What is the definition of Assets?

Back

Property owned by a person or company that has value.

Front

How long does a negative credit action usually remain on a credit report?

Back

7 years

Front

If Jared's family saves $500 per month for 18 years, how much will they have saved?

Back

$108,000

Front

What is a Credit Card?

Back

An identification card issued by a bank that allows a user to buy items and services immediately and pay the cost at a later time.

Front

How much more does an elevator technician make than a librarian over 10 years?

Back

$174,930

Front

What are Liabilities?

Back

Debts or obligations that a person or company owes to others.

Front

What is Depreciation?

Back

The reduction in the value of an asset over time, often due to wear and tear.

Front

What is Simple Interest?

Back

Interest calculated on the principal amount only, not on the interest accrued.

Front

What is the purpose of a Budget?

Back

A plan that outlines expected income and expenses over a specific period.

Front

What is a Debit Card?

Back

A card issued by a bank that allows the holder to transfer money electronically to make purchases.