Financial Literacy Quiz

What is the term for when a person accepts the terms of an offer?

• Acceptance

• Counteroffer

• Contract

• Offer

What are items of value that a person owns called?

• Assets

• Liabilities

• Wealth

• Expenses

What is a spending and saving plan based on your expected income and expenses?

• Budget

• Financial Plan

• Net Worth

• Cash Surplus

What is the financial ability to repay a loan with present income known as?

• Capacity

• Cash Deficit

• Disposable Income

• Fixed Expenses

When are estimated expenses greater than estimated income?

• Cash Deficit

• Cash Surplus

• Fixed Expenses

• Variable Expenses

What is something of value exchanged for something else of value?

• Consideration

• Contract

• Negotiable

• Warranty

What is a legally enforceable agreement between two or more people?

• Contract

• Offer

• Counteroffer

• Notarized

Who is a person that promises to pay the debt of another person?

• Cosigner

• Notary

• Negotiator

• Financial Planner

What is a new offer that changes the original offer called?

• Counteroffer

• Acceptance

• Contract

• Offer

What is the money you have left to spend or save after taxes and other deductions?

• Disposable Income

• Net Worth

• Wealth

• Assets