Financial Literacy Flashcard

Front

What is financial literacy?

Back

Understanding and managing personal finances

Front

Why is financial literacy important?

Back

It helps in understanding tax laws, promotes better financial decision-making, and reduces dependency on others.

Front

Which term is associated with access to financial services for all?

Back

Financial inclusion

Front

What is the primary purpose of financial literacy?

Back

To safeguard individuals from financial frauds and scams

Front

The concept of financial inclusion became prominent during which period? Industrial Revolution, The Great Depression, The Cold War, World War II

Back

The Great Depression

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Which of the following is NOT a component of financial literacy? Emergency funds, Retirement funds, Insurance, Learning to cook

Back

Learning to cook

Front

One of the key challenges of financial literacy is: Lack of financial resources, Lack of financial education, Increased taxation, High interest rates

Back

Lack of financial education

Front

Financial literacy primarily aims to: Maximize profits, Understand and manage financial risks, Increase wealth, Avoid spending

Back

Understand and manage financial risks

Front

Which of the following is NOT a component of financial literacy? Budgeting, Investing, Insurance, Health management

Back

Health management

Front

The term 'financial inclusion' refers to:

Back

Equitable access to financial services