Personal Financial Literacy (PFL) Vocabulary Quiz

What is the definition of 'Assets'?

• Money a person owes.

• The initial amount of money borrowed or saved.

• Items a person owns with monetary value.

• A percentage earned or paid on money invested or borrowed.

How is 'Compound interest' calculated as per the given formula?

• A = P(1+r)^t, where A is the account balance.

• A = P + rt, where A is the account balance.

• A = P(1-t)^r, where A is the account balance.

• A = P(1+r), where A is the account balance.

What does 'Interest' refer to in financial terms?

• The initial amount of money borrowed or saved.

• Money taken off the total cost of an item.

• The amount of money charged for borrowing or using money, or earned by saving money.

• A unit rate used to compare prices.

What is 'Interest rate' defined as in the PFL Vocabulary?

• A unit rate used to compare prices.

• The initial amount of money borrowed or saved.

• Money a person owes.

• A percentage earned or paid on money invested or borrowed.

According to the PFL Vocabulary, what are 'Liabilities'?

• Items a person owns with monetary value.

• Money a person owes.

• The amount of money charged for borrowing money.

• A percentage of the cost of an item charged by governments.

What does 'Principal' mean in financial terms?

• The amount of money charged for borrowing money.

• Money a person owes.

• The initial amount of money borrowed or saved.

• A percentage earned or paid on money invested or borrowed.

What is 'Sales tax'?

• Money taken off the total cost of an item.

• A percent of the cost of an item, charged by governments to raise money.

• The initial amount of money borrowed or saved.

• A form of buying discount where money is given back at a later time.

How is 'Unit price' best described?

• A form of buying discount where money is given back at a later time.

• Money given to a person for their service.

• A unit rate used to compare prices.

• The initial amount of money borrowed or saved.

What is a 'Rebate'?

• A percentage earned or paid on money invested or borrowed.

• Money a person owes.

• A form of buying discount where money is given back at a later time.

• Money taken off the total cost of an item.

What does 'Discount' refer to in the PFL Vocabulary?

• Money given to a person for their service.

• A percentage of the cost of an item charged by governments.

• Money taken off the total cost of an item.

• A unit rate used to compare prices.