Financial Literacy Flashcard
Flashcard
•
Financial Education
•
Vocational training
•
Practice Problem
•
Easy
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92 questions
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1.
FLASHCARD QUESTION
Front
What is the primary difference between assets and liabilities?
Back
Assets provide future economic benefit, while liabilities represent future obligations.
2.
FLASHCARD QUESTION
Front
How does compound interest primarily work?
Back
Interest is earned on both the principal and accumulated interest.
3.
FLASHCARD QUESTION
Front
What is the main purpose of an emergency fund?
Back
To cover unexpected expenses and avoid debt.
4.
FLASHCARD QUESTION
Front
Why is it important to review your credit report regularly?
Back
To check for errors and monitor credit health.
5.
FLASHCARD QUESTION
Front
What is the effect of inflation on purchasing power?
Back
It decreases purchasing power over time.
6.
FLASHCARD QUESTION
Front
What does the time value of money concept state?
Back
Money is worth more now than the same amount in the future.
7.
FLASHCARD QUESTION
Front
How does supply and demand affect personal finance?
Back
It influences interest rates and the cost of goods and services.
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