Data Fin/Lit: Test 6

Front

What is Data Literacy?

Back

Data Literacy is the ability to read, understand, create, and communicate data as information.

Front

Define Financial Literacy.

Back

Financial Literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

Front

What is the importance of data in decision making?

Back

Data helps in making informed decisions by providing evidence and insights that guide choices.

Front

Explain the term 'Data Visualization'.

Back

Data Visualization is the graphical representation of information and data, making complex data more accessible and understandable.

Front

What does 'Budgeting' mean?

Back

Budgeting is the process of creating a plan to spend your money, ensuring that you can cover your expenses and save for future goals.

Front

What is a 'Credit Score'?

Back

A Credit Score is a numerical expression based on a level analysis of a person's credit files, representing the creditworthiness of that person.

Front

Define 'Investment'.

Back

Investment is the act of allocating resources, usually money, in order to generate income or profit.

Front

What is 'Compound Interest'?

Back

Compound Interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.

Front

Explain the concept of 'Risk Management'.

Back

Risk Management is the identification, assessment, and prioritization of risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events.

Front

What is 'Savings'?

Back

Savings is the portion of income that is not spent on current expenditures and is set aside for future use.