Financial Literacy Exam

Front

What is a credit score?

Back

A number that represents the risk a lender takes on a borrower.

Front

What is interest?

Back

The fee that is paid to borrow money.

Front

What is a credit card?

Back

A card issued by a bank or business, allowing borrowers to purchase goods and services on credit.

Front

Credit allows you to?

Back

Purchase an item right now and pay for it later.

Front

What is the total amount of debt this person owes?

Back

$20,475

Front

What is the definition of a "want"?

Back

Something you would like to have.

Front

An account that allows you to save money, as well as make deposits and make withdrawals.

Back

Savings

Front

How many hours did this employee work during this pay period?

Back

80

Front

What is this employee's gross pay for this pay period?

Back

$1,280

Front

James earns 10% of every sale he makes. This is an example of:

Back

Commission