Financial Literacy Quiz

What is the term for all the financial decisions an individual or family must make to manage money over time?

• Asset

• Liability

• Personal Finance

• Expense

What is defined as anything that is owned by an individual, including money in the bank or investments?

• Liability

• Asset

• Expense

• Debt

What term describes financial debts or obligations?

• Asset

• Liability

• Expense

• Credit

Who is a person or organization that uses a product or service?

• Consumer

• Creditor

• Debtor

• Investor

What is the granting of a loan and the creation of debt; any form of deferred payment called?

• Debt

• Credit

• Expense

• Liability

What is money owed to another person or company called?

• Asset

• Debt

What is the cost of goods or services or money paid out called?

• Expense

• Asset

• Credit

What is a plan of action that allows a person to meet not only their immediate needs but also their long-term goal?

• Net Worth

• Financial Plan

• Credit

• Expense

How is Net Worth calculated?

• Assets + Liabilities

• Assets - Liabilities

• Liabilities - Assets

• Assets / Liabilities

What term is used to describe a person or household whose monthly income is devoted to expenses with little to no savings?

• Financial Plan

• Net Worth

• Paycheck to Paycheck

• Consumer