When developing a personal financial plan, one of the first things you should do is assess your current financial situation. This includes your income, assets, and liabilities.

Having debt keeps you from building wealth.

True financial security is achieved when you money begins to generate an income-your money starts working for you.

Learning the language of money is not that important because you will be able to depend on financial planners to manage your money.

Expensive houses and new cars are a true indication of wealth.

Most Americans today are wealthy and will have financial security when they retire.

Since you are a teenager, what you do now with money will have little effect on your financial future.

Everyone should have the same financial plan. A budget that works for one person should be sufficient for everyone.

Most American avoid the use of credit when it comes to buying big-ticket items like a car or furniture for their home.

A person or business that offers loans at extremely high interest rates.

A person or organization that uses a product or service.

An obligation of repayment owed by one party to a second party.

The granting of a loan and the credit of debt; any form of deferred payment.

The knowledge and skillset necessary to be an informed consumer and manage finances effectively.

A fee paid by a borrower to the lender for the use of borrowed money.

A system by which goods and services are produced and distributed.

A debt evidenced by a 'note', which specified the principal amount, interest rate and the date of repayment.

Which of the following best explains why students should learn about personal finance?

Most Americans avoid the use of credit when it comes to buying big-ticket items like a car or furniture for their home.