Financial Literacy Final Exam

Front

What is bartering?

Back

The exchange of goods between two people.

Front

Which of these is a form of earning?

Back

Wages.

Front

What is the physical form of money?

Back

Cash.

Front

What happens if too little is withheld on your IRS W-4 Form?

Back

You will owe additional taxes.

Front

What has Chelsea chosen to satisfy over her wants?

Back

Needs.

Front

What is a budget?

Back

A plan for managing income and expenses.

Front

What is the purpose of saving money?

Back

To set aside funds for future needs or emergencies.

Front

What is interest?

Back

The cost of borrowing money or the earnings from saving.

Front

What is a loan?

Back

Money borrowed that is expected to be paid back with interest.

Front

What is a credit score?

Back

A numerical representation of a person's creditworthiness.