1.1 vocab assessment

What is financial literacy?

• The ability to read financial documents

• Possession of a body of financial knowledge, a set of basic skills, and the ability to apply knowledge and skills to making informed, responsible choices

• The process of investing in stocks

• The act of saving money

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DOK Level 1: Recall

What is personal financial planning?

• The act of spending money on luxury items

• Process of setting financial goals and developing plans to reach financial needs

• The process of borrowing money from a bank

• The act of donating money to charity

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DOK Level 1: Recall

What is a financial plan?

• A list of all the items you want to buy

• Overview of an individual’s current financial position and strategies to meet future financial aspirations

• A document that shows your monthly expenses

• A plan to save money for a vacation

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DOK Level 1: Recall

What is a need?

• A luxury car

• Necessities a person must have to survive

• A new smartphone

• A designer handbag

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DOK Level 1: Recall

What is a want?

• Food and water

• Things that a person desires but can live without

• Shelter and clothing

• Medical care

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DOK Level 1: Recall

Who is a consumer?

• A person who sells goods and services

• Individual who purchases goods and services for personal use

• A person who manufactures products

• A person who provides services

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DOK Level 1: Recall

What is a good?

• An intangible activity performed for a fee

• A tangible item that can be touched, used, and purchased, such as food or clothing

• A financial investment

• A type of insurance

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DOK Level 1: Recall

What is a service?

• A physical product

• Intangible activities that another person usually performs for a fee, such as cleaning services or completing tax returns

• A type of financial asset

• A government policy

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DOK Level 1: Recall

What are values?

• The amount of money in a bank account

• Principles and beliefs that a person considers important

• The price of goods and services

• The interest rate on a loan

Tags

DOK Level 1: Recall

What is a value system?

• A list of all the things you own

• Overall structure of values and goals that guides a person’s behavior and provides a sense of direction

• A financial statement

• A type of investment strategy

Tags

DOK Level 1: Recall