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Introduction to Personal Finance

Total questions: 12

Worksheet time: 6mins

Name
Class
Date
1.

A period of temporary economic decline during which trade and industrial activity are reduced; generally identified by a fall in gross domestic product (GDP)

a)

recession

b)

failure

c)

crash

2.

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

a)

entrepreneur

b)

loan shark

c)

creditor

3.

All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.

a)

Personal finance

b)

Economy

4.

A person or organization that uses a product or service

a)

consumer

b)

borrower

5.

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

a)

bills

b)

interest

6.

A system by which goods and services are produced and distributed

a)

economy

b)

liabilities

7.

A debt evidenced by a "note," which specifies the principal amount, interest rate and date of repayment

a)

bank fee

b)

loan

8.

The knowledge and skill set necessary to be an informed consumer and manage finances effectively

a)

financial literacy

b)

budgeting

9.

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

a)

debt

b)

ownership

10.

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

a)

annual fee

b)

credit

11.

Only a few people in America have the ability to become a millionaire.

a)

True

b)

False

12.

Money earned

a)

spend

b)

income

c)

purchase