Personal Financial Literacy

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What is planned spending?

Back

Planned spending is saving money for a specific goal, like buying a car or a house.

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What is unplanned spending?

Back

Unplanned spending is money spent on unexpected expenses, like car repairs or doctor visits.

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What is a human resource?

Back

Human resources are the work done by people, both physical and mental, to produce goods and services.

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What should a bakery do to sell leftover empanadas before closing?

Back

The bakery should decrease the price to encourage sales.

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What are natural resources?

Back

Natural resources are materials from nature used to produce goods and services, like air, water, and coal.

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What is a want?

Back

A want is something you desire but do not need for survival, like toys or candy.

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What is a need?

Back

A need is something essential for survival, like food, water, and shelter.

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What is borrowing?

Back

Borrowing is taking money from someone with the promise to pay it back later.

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What is giving?

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Giving is providing something to someone without expecting anything in return.

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What is a budget?

Back

A budget is a plan for how to spend and save money.