Fin Lit Unit 1 Test Review

What is a Tradeoff?

• Something you gain without any cost

• Something you give up in order to spend or save on something else

• A financial gain without any loss

• An exchange of goods without any value

Name the 6 categories used for brainstorming (mind mapping) for Your Future Life.

• Finance, Education, Family/Community, Where will I live?, Career/Job, Lifestyle

• Finance, Education, Sports, Where will I live?, Career/Job, Lifestyle

• Finance, Education, Family/Community, Where will I live?, Career/Job, Hobbies

• Finance, Education, Family/Community, Where will I live?, Career/Job, Travel

Before money, people acquired and exchanged goods through what system?

• Nonverbals

• Bartering

• Trading cards

• Digital currency

The first money started in China 1000 BC. China made ___________ which they gave value to and used to “pay” for goods and services.

• gold shillings

• copper cowrie shells

• gold pennies

• copper wiring

Did METAL MONEY or PAPER MONEY come first in the history of money?

• Metal money

• Paper money

• Both at the same time

• Neither

How many Federal Reserve district banks are there in the US?

• 10

• 12

• 15

• 20

All of the following are parts of a Note (a US bill) except which?

• Great seal

• Serial number

• Foreign exchange rate

• Bill series

Which of the following is NOT one of the 5 KEY FUNCTIONS of the Federal Reserve?

• Directing the Monetary policy of the US

• Maintain stability

• Regulate financial institutions

• Give People loans at banks

• Protecting consumers, promoting community

What would an Avoider most likely do when they have financial decisions?

• Make the decision immediately

• Seek advice from a financial advisor

• Make the decision later or put it off until a later date

• Spend money impulsively

What does it mean to be a “miser” in spender personalities?

• Someone who only saves, and refuses to spend even if it benefits them

• Someone who spends money freely

• Someone who invests in stocks

• Someone who donates to charity