Worksheetspersonal finance-chapter 1 review
Total questions: 11
Worksheet time: 6mins
Name
Class
Date
1.
A person or organization that uses a product or service.
a)
Consumer
b)
Credit
c)
Debt
d)
Buyer
2.
The granting of a loan and the creation of debt; any form of deferred payment.
a)
Interest
b)
Credit
c)
Loan
d)
Bank
3.
An obligation of repayment owed by one party (the debtor/borrower) to a second party (the creditor/lender); in most cases this includes repayment of the original loan amount plus interest.
a)
Loan
b)
Debit
c)
Buyer
d)
Debt
4.
A system by which goods and services are produced and distributed.
a)
Wal-mart
b)
Personal Finance
c)
Economy
d)
Distribution Center
5.
A fee paid by a borrower to the lender for the use of borrowed money; typically interest is calculated as a percentage of the principal (original loan amount)
a)
Interest
b)
Budget
c)
Financial Literacy
d)
Personal Finance
6.
The knowledge and skillset necessary to be an informed consumer and manage finances effectively
a)
Interest
b)
Budget
c)
Financial Literacy
d)
Personal Finance
7.
A debt evidenced by a "note", which specifies the principal amount, interest rate and date of repayment.
a)
Bill
b)
Debt
c)
Interest
d)
Loan
8.
All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.
a)
Personal Finance
b)
Financial Literacy
c)
Budget
d)
Banking
9.
Learning the language of money is not that important because you will be able to depend on financial planners to manage your money.
a)
True
b)
False
10.
Which of the following is NOT a reason credit is marketed so heavily to consumers in the United States?
a)
There is a strong consumer demand for big ticket items.
b)
The credit industry has become extremely profitable.
c)
The use of credit is not socially accepted in the United States.
d)
After World War I, credit laws in the United States were relaxed in an attempt to create a mainstream alternative to loan sharks for the working class.
11.
When it comes to managing money, success is about _____% head knowledge, and _____% behavior.
a)
50, 50
b)
20, 80
c)
90, 10
d)
40, 60
100 %
