Personal Finance Final Review

Front

What is financial literacy?

Back

The ability to understand basic topics related to finance, such as making, spending, and saving money.

Front

Having a _____ helps you be in control of your financial situation and achieve your goals.

Back

financial plan

Front

Planning to save enough money to go on a nice vacation is an example of a(n) _____

Back

financial goal

Front

Which of the following is an example of a short-term financial goal?
I want to buy a house in ten years.
I want to save as much money as possible.
I want to buy a guitar in six months.
I want to retire at 50.

Back

I want to buy a guitar in six months.

Front

Which of the following is an example of a long-term financial goal? Options: I want to spend next week’s allowance at the mall. I want to save as much money as possible. I want to buy a guitar in six months. I want to save $4,000 before starting college in two years.

Back

I want to save $4,000 before starting college in two years.

Front

Which of the following is a need? Shelter, Designer Clothes, Television, Smartphone

Back

Shelter

Front

What is a want?

Back

Something someone would like to have but does not need to live.

Front

A _____ is a value or goal that is given more importance than other values or goals.

Back

priority

Front

What is wealth?

Back

A plentiful supply of money or valuable goods.

Front

Net worth is the difference between _____ and _____.

Back

assets, liabilities