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Financial Literacy Concepts and Definitions

Financial Literacy Concepts and Definitions

Assessment

Flashcard

History

11th Grade

Practice Problem

Medium

Created by

Steven Jones

Used 3+ times

FREE Resource

Student preview

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49 questions

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1.

FLASHCARD QUESTION

Front

What role does Zoe play when she goes to the supermarket to buy groceries?

Back

Consumer

Answer explanation

A 'Consumer' is an individual or entity that purchases goods or services for personal use, distinguishing them from producers, distributors, and retailers who are involved in the supply chain.

2.

FLASHCARD QUESTION

Front

Needs in the context of a camping trip

Back

Basic requirements essential for survival and well-being.

Answer explanation

The term 'Needs' refers to basic requirements essential for survival and well-being, such as food, water, and shelter. This distinguishes them from desires, luxuries, and optional preferences, which are not critical for survival.

3.

FLASHCARD QUESTION

Front

Define 'Wants' in the context of buying new gadgets even when current devices work fine.

Back

Wants are desires or wishes for specific items or experiences that are not essential for survival but enhance quality of life.

Answer explanation

Wants refer to non-essential desires that improve life quality, distinguishing them from basic needs like food and shelter. The correct choice accurately captures this definition.

4.

FLASHCARD QUESTION

Front

What does Aiden need to do to 'Earn' the money for the bicycle?

Back

Make money by working

Answer explanation

The term 'Earn' specifically refers to making money by working, which distinguishes it from saving, investing, or spending money. Therefore, the correct choice is 'Make money by working'.

5.

FLASHCARD QUESTION

Front

Spend

Back

Spend is a term that refers to the act of using money to purchase goods or services.

Answer explanation

The correct choice defines 'Spend' as the act of using money to purchase goods or services, which accurately captures the essence of the term. The other options describe different financial concepts.

6.

FLASHCARD QUESTION

Front

Income in the context of receiving a salary and dividends.

Back

Income is the money received, especially on a regular basis, for work or through investments.

Answer explanation

The correct definition of 'Income' refers to money received regularly for work or investments, distinguishing it from spending, saving, or asset valuation.

7.

FLASHCARD QUESTION

Front

Define a new laptop in terms of financial terminology.

Back

Own something valuable

Answer explanation

An 'Asset' is defined as something valuable that you own, which can provide future economic benefits. The correct choice, 'Own something valuable', accurately captures this definition.

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