Personal Financial Literacy Review for test

Front

Who is the consumer in a transaction?

Back

The consumer is the person who buys and uses goods or services.

Front

What does it mean to lend something?

Back

To lend means to give something to someone with the expectation that it will be returned.

Front

Who is the producer in a transaction?

Back

The producer is the person who makes or creates goods or services.

Front

What does it mean to spend money?

Back

To spend money means to give money in exchange for goods or services.

Front

What is a transaction?

Back

A transaction is an exchange of goods or services for money.

Front

What is a good?

Back

A good is a physical item that can be bought or sold.

Front

What is a service?

Back

A service is an action or activity that one person does for another.

Front

What does it mean to save money?

Back

To save money means to keep money instead of spending it.

Front

What is borrowing?

Back

Borrowing is taking something from someone with the promise to return it later.

Front

What is a market?

Back

A market is a place where buyers and sellers come together to exchange goods and services.