Personal Finance Vocabulary Quiz

What is the definition of 'Budget'?

• B) An estimate of income and expenditure for a set period of time

• A) The cost required for something

• C) Money received for work or through investments

• D) The fee paid by a borrower to the lender for the use of borrowed money

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

What does 'Compound Interest' refer to?

• C) Interest associated with a bank account, loan, or investment that increases exponentially over time

• B) The action of diversifying something or the fact of becoming more diverse

• A) The granting of a loan and the creation of a debt

• D) A system by which goods and services are produced and distributed

What is the meaning of 'Credit Report'?

• A) A statement that has information about your credit activity and current credit situation

• B) An obligation of repayment owed by one party to a second party

• C) The loss of potential gain from other alternatives when one alternative is chosen

• D) The knowledge and skillset necessary to be an informed consumer and manage finances effectively

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

What is 'Risk Management' in personal finance?

• A) The money one has saved through a bank or investment plan

• B) The forecasting evaluation of financial risks together with the identification of procedures to avoid or minimize their impact

• C) A thing providing protection against a possible eventuality

• D) Expend money with the expectation of achieving a profit

What does 'Savings' refer to in personal finance?

• D) The granting of a loan and the creation of a debt

• A) The money one has saved through a bank or investment plan

• C) The fee paid by a borrower to the lender for the use of borrowed money

• B) An estimate of income and expenditure for a set period of time

What is the definition of 'Debt' in personal finance?

• A) The money one has saved through a bank or investment plan

• B) The forecasting evaluation of financial risks together with the identification of procedures to avoid or minimize their impact

• C) An obligation of repayment owed by one party (the debtor) to a second party (the creditor)

• D) Expend money with the expectation of achieving a profit

What does 'Investment' refer to in personal finance?

• A) Expend money with the expectation of achieving a profit or material result

• B) The money one has saved through a bank or investment plan

• C) The fee paid by a borrower to the lender for the use of borrowed money

• D) An estimate of income and expenditure for a set period of time

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

What is 'Financial Literacy' in personal finance?

• A) The money one has saved through a bank or investment plan

• B) The knowledge and skillset necessary to be an informed consumer and manage finances effectively

• C) A thing providing protection against a possible eventuality

• D) Expend money with the expectation of achieving a profit

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

What is the definition of 'Financial Risk' in personal finance?

• A) The potential loss from an investment

• B) The money one has saved through a bank or investment plan

• C) The fee paid by a borrower to the lender for the use of borrowed money

• D) An estimate of income and expenditure for a set period of time

What does 'Loan' refer to in personal finance?

• A) The granting of a loan and the creation of a debt

• B) The money one has saved through a bank or investment plan

• C) The fee paid by a borrower to the lender for the use of borrowed money

• D) An estimate of income and expenditure for a set period of time