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WorksheetsFinancial Literacy Vocabulary
Total questions: 30
Worksheet time: 17mins
Financial Literacy is about all of the following skills EXCEPT FOR:
Knowing about money skills such as spending, earning, and saving
Learning about banks, stocks, and investments
Understanding credit, loans, and taxes
Trading needs for items with no money involved
A Gift Economy is...
How many goods and services you can exchange for money
A "Perfect World" where no items are sold, only given freely without any thought of payback
tasks or skills exchanged for money that benefit the purchaser
Setting aside money for a short term goal such as a big purchase
Purchasing power is...
How many goods and services you can exchange for money
A "Perfect World" where no items are sold, only given freely without any thought of payback
tasks or skills exchanged for money that benefit the purchaser
Setting aside money for a short term goal such as a big purchase
Services are...
How many goods and services you can exchange for money
A "Perfect World" where no items are sold, only given freely without any thought of payback
tasks or skills exchanged for money that benefit the purchaser
Setting aside money for a short term goal such as a big purchase
Savings are...
How many goods and services you can exchange for money
A "Perfect World" where no items are sold, only given freely without any thought of payback
tasks or skills exchanged for money that benefit the purchaser
Setting aside money for a short term goal such as a big purchase
Income involves...
the money a person earns by exchanging goods and services
Money set aside from savings to accomplish long term goals such as future income, benefits or profits
trading goods and services for needed items without using money
Money set aside to accomplish short term goals such as big purchases
Money is all of the following EXCEPT
Durable (It must be made to last)
Easily Divided (Able to make "change" or smaller amounts)
Portable (Can move it easily)
Unlimited in Quantity (The government can make as much as it wants)
Investments are...
Set aside for future benefits, income or profit and used for Long Term Goals
how much money an individual earns
must be tangible (able to be touched)
traded for needed items
Bartering is...
the money a person earns by exchanging goods and services
Money set aside from savings to accomplish long term goals such as future income, benefits or profits
trading goods and services for needed items without using money
Money set aside to accomplish short term goals such as big purchases
Goods are...
Banks, stocks, and investments
Trading needed items without involving money
items or objects that are exchanged for money (must be tangible)
tasks and skills that are exchanged for money
If Mandy traded a pencil for two pieces of Brandon's gum, this would be an example of...
Exchanging Money
Stealing
Bartering
Selling
The cook was making spaghetti. He realized he needed more tomatoes. The cook ran to the grocery store and purchased 6 tomatoes. He handed the clerk a check for ten dollars. This is an example of...
Bartering goods
Selling products for more goods
Exchanging money for goods
How to make spaghetti
Lawson and Justice want to go see a movie, but they need a ride to the theater. If they clean out the garage, their dad said he would drive them to the theater. What is this type of exchange called?
Bartering
Saving
Exchanging money
Using credit
Which one of these is a need?
iPhone
medicine
backpack
sunglasses
If you are living on a budget, which of these would you buy first?
an upgraded phone even though the one you have works
new sneakers because your old ones have a hole
the latest album by your favorite artist
that sweatshirt everyone in your school is wearing
Which of these explains a want, not a need?
Protein: This is important for having good health. It provides valuable nutrients.
Shelter: If you don't have this you could possibly die in cold weather
Chocolate: People like to eat this as a sweet treat, some may think it's delicious.
Clothes: You wear these to stay warm
These are essential items required in order to survive.
needs
wants
desires
luxuries
Items that would be nice to have, but are not necessary are called
Wants
Needs
Luxury Items
Special Order items
Unrelated to how much money we actually have, these values reflect what we think or believe about money
Financial Values
Life Skills
Financial Literacy
Money Values
Our personal identity (how we see ourselves) and our social identity (how we believe others see us)
Personality Type
Inner Values
Intrinsic Motivation
Self-esteem
What are social values, as they pertain to money?
How banks and other financial institutions treat you and your money
How you, personally, care and think about finances
How your family, friends, and community members impact your feelings about money
How companies and advertisement make you feel about money
Which of the following best describes A SAVER?
Someone who routinely sets aside money or avoids spending money
Someone who makes purchases right away or buys things easily
Someone who thinks through expenses and makes money decisions ahead of time
Someone for whom immediate desires often influence money choices
Which of the following best describes A PLANNER?
Someone who routinely sets aside money or avoids spending money
Someone who makes purchases right away or buys things easily
Someone who thinks through expenses and makes money decisions ahead of time
Someone for whom immediate desires often influence money choices
Which of the following best describes A WORRIER?
Someone who routinely sets aside money or avoids spending money
Someone who makes purchases right away or buys things easily
Someone who second-guesses their financial decisions and regularly imagines the worst-case financial scenario
Someone for whom immediate desires often influence money choices
The tangible aspects of life, the external world, our physical health and well-being
Material Clues
Intrinsic Values
Inner Values
Physical Values
Which of the following best describes someone who is IMPULSIVE?
Someone who routinely sets aside money or avoids spending money
Someone who makes purchases right away or buys things easily
Someone who second-guesses their financial decisions and regularly imagines the worst-case financial scenario
Someone for whom immediate desires often influence money choices
Which of the following best describes A SPENDER?
Someone who routinely sets aside money or avoids spending money
Someone who makes purchases right away or buys things easily
Someone who second-guesses their financial decisions and regularly imagines the worst-case financial scenario
Someone for whom immediate desires often influence money choices
What is your Money Circle?
your family members, friends, and other people in your life who influence your decisions about money.
Our desire for belonging and relatedness with our family members, neighbors, friends, coworkers and communities
describes how you make choices about money.
a system of trade when goods and/or services are directly exchanged for other goods and/or services without using money
What is your Money Style?
your family members, friends, and other people in your life who influence your decisions about money.
Objects people want that they can touch or hold, such as toys, clothes, and food.
describes how you make choices about money.
a system of trade when goods and/or services are directly exchanged for other goods and/or services without using money
