Unit 1.1 Financial Literacy Terms

Fill in the blank: Something that is desired but not essential for basic living, like a new phone, designer clothes, or a vacation, is called a ________.

• Want

• Need

• Necessity

• Obligation

Fill in the blank: An intangible activity or benefit provided to consumers, such as haircuts, tutoring, or medical care, is called a ________.

• Service

• Product

• Commodity

• Good

Fill in the blank: A set of personal principles or priorities that determine what is important to you is called a ________.

• Value system

• Habit

• Skill set

• Goal

What is the definition of Financial plan?

• A map for how to spend, save, and use money.

• Someone who buys or uses goods and services.

• The level of quality you expect or accept.

• Something you would like to have but don’t need to survive.

What is the definition of Need?

• Something you must have to live, like food or shelter.

• What’s most important to you.

• A thing you can touch and buy, like clothes or a phone.

• Your list of most important beliefs and priorities.

What is the definition of Consumer?

• Someone who buys or uses goods and services.

• A map for how to spend, save, and use money.

• What comes first or matters most.

• Something you can use to help you reach a goal.

What is the definition of Good?

• A thing you can touch and buy, like clothes or a phone.

• Knowing the difference between right and wrong.

• The level of quality you expect or accept.

• Your list of most important beliefs and priorities.

What is the definition of Values?

• What’s most important to you.

• The level of quality you expect or accept.

• Knowing how money works and how to use it wisely.

• Something you would like to have but don’t need to survive.

What is the definition of Priority?

• What comes first or matters most.

• Something you would like to have but don’t need to survive.

• Someone who buys or uses goods and services.

• A map for how to spend, save, and use money.

Ethics – ____________ (Fill in the blank with the definition of 'Ethics')

• Ethics are moral principles that govern a person's behavior or the conducting of an activity.

• Ethics are scientific laws that explain natural phenomena.

• Ethics are financial rules for business transactions.

• Ethics are artistic techniques used in painting.