Personal Financial Literacy

A plan for using money is called a ___________

• loan

• savings

• income

• budget

Giving your cousin your apple in exchange for his banana is an example of

• bartering

• stealing

• interest

• saving

It is a good idea to save money.

• True

• False

Money is this only thing people can donate.

• True

• False, people can donate money and food.

• False, you can donate money, food, clothes, other items, and time

What is a loan?

• A fee you have to pay

• Free money

• A plan for using money

• Something you borrow, usually money

The money you earn is called

• expenses

• donations

• income

• savings

What is INTEREST? (Choose 2 answers)

• The money you save

• The money you earn

• Money the bank gives you for letting it hold their money

• A fee to borrow money

Communities have budgets just like people do.

• True

• False

What is CREDIT?

• Money that is not spent

• A promise to pay for something

• A fee

What are some of the different ways to pay for things? (Select all of the correct answers. There is more than one!)

• Money

• Barter

• Credit

• Loan