Financial Literacy: Personal Finance Basics

What is the term for a generous gift of money or time to a person or organization?

• Fixed Income

• Charitable Donation

• Variable Expense

• Nonprofit

A bill, such as a utility bill, which is a different amount each month is known as a ______.

• Fixed Expense

• Variable Expense

• Discretionary Expense

• Take-home Pay

What is the term for a log of deposits and withdrawals from a checking account?

• Closing Balance

• Checkbook Register

• EFT

• Reconciliation

EFT is an acronym for ________.

• Electronic Fund Transfer

• Electronic Financial Transaction

• Easy Fund Transfer

• Electronic Fund Transaction

What are dividends?

• Earnings paid to shareholders by a company from its profits

• Profit made from investment

• One-way payment of money for which no service or good is exchanged

• None of the above.

Capital Gain is a ______.

• One-way payment of money for which no service or good is exchanged

• Profit made from investment

• Earnings paid to shareholders by a company from its profits

• None of the above

Transfer Payments refer to: A) Profit made from investment B) Earnings paid to shareholders by a company from its profits C) One-way payment of money for which no service or good is exchanged D) All of the above.

• Profit made from investment

• Earnings paid to shareholders by a company from its profits

• One-way payment of money for which no service or good is exchanged

• All of the above

Which of the following is a tax-deductible gift:

• stocks

• vacation home

• charitable donation

• inherited items

Why is it important to save money?

• To spend more on luxury items

• To have funds available for future needs or emergencies

• To lend money to friends

• To pay more taxes

What is a simple definition of personal finance?

• The study of government economies

• Managing a company's finances

• Managing your money, including saving and investing

• The process of borrowing money from banks