Unit 1 Financial Literacy Review Game

What does Financial Literacy mean?

• It is the ability to read financial texts

• It is the knowledge and skills needed to run a business

• It is the value you bring to the marketplace

• It is the knowledge and skills needed to make important and smart financial decisions.

What is a benefit of being financially literate. Select all that apply.

• Ability to budget and manage money wisely

• Getting rich quick

• Avoiding financial disasters and scams

• Building a strong foundation for future financial success

__________ is money earned from sources like work or investments

______ is the ability to borrow money with the agreement to pay it back at a later time.

What is money set aside for future use or emergencies called?

• Savings
• Investment
• Credit

• Assets

What is the cost of borrowing money or the return earned on savings or investments called?

• Credit

• Assets

• Interest

• Debit

what are things you own (house, car, bank account) called?

• assets

• income

• debt

• expenses

What is something a person or company owes called?

• Credit

• Profit
• Investments

• Liabilities

If you invest $4210.50 in an account that earns 4.75% interest compounded monthly.

How much will be in the account after 10 years?

Danielle is 50 years old, she has $45,234.51 in a savings account that pays 5% interest compounded weekly. She started the account when she was 28 years old. How much was her initial investment?