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WorksheetsFinancial Literacy Quiz
Total questions: 19
Worksheet time: 10mins
What does O.A.C stand for in financial terms?
Outstanding Annual Cost
Overseas Accounting Corporation
Open Account Credit
On Approved Credit
How would you define Installment in the context of finance?
A payment made to increase a debt
A regular payment made to repay a debt
A payment made to invest in stocks
A one-time payment to settle a debt
Explain the concept of Credit in financial terms.
The act of giving money to someone without expecting anything in return
The ability to earn money through investments
The process of saving money in a bank account
The ability to borrow money or access goods or services with the understanding that you'll pay later.
What does the term 'Interest' mean in finance?
The amount of money in a bank account
The price of a stock
The cost of groceries
Cost of borrowing money or return on investment
What is the definition of Principle in finance?
Original amount of money invested or loaned
The total amount of money earned from an investment
The process of spreading your investments across different assets
The amount of money left after all expenses have been paid
In financial terms, what is a Transaction?
The act of giving away goods or services for free
The act of borrowing money from a bank
The act of receiving a gift from a friend
The act of buying or selling goods or services, or the exchange of money between two parties.
Which of the following best describes Debit? A) Money owed to someone B) Money owed by someone C) Money in a savings account D) Money in a checking account
C) Money in a retirement account
D) Money in a credit card
A) Money owed to a bank
B) Money in a checking account
What does O.A.C stand for? A) On Approved Credit B) Overdraft Account Charge C) Outstanding Amount Calculation D) Open Account Credit
C) Outstanding Amount Calculation
B) Overdraft Account Charge
D
A) On Approved Credit
What do you call a purchase that is paid for in equal amounts over a period of time? Is it: A) Credit B) Debit C) Installment D) Interest
B
D
A
C
Which of the following is a form of borrowing money? A) Debit B) Credit C) Principle D) Transaction
C
B
D
A
What do you call the extra cost of borrowing money?
Debit
Credit
Interest
Installment
The original amount of money borrowed or invested is known as:
Debit
Credit
Interest
Principle
What is a financial event that affects the assets, liabilities, or owner's equity of a company?
Debit
Credit
Interest
Transaction
In the world of finance, what does Debit refer to? A) Money owed to someone B) Money owed by someone C) Money in a savings account D) Money in a checking account
A) Money owed to no one
C) Money in a piggy bank
D) Money under the mattress
B
What does O.A.C stand for in financial terms? A) On Approved Credit B) Overdraft Account Charge C) Outstanding Amount Calculation D) Open Account Credit
A) On Approved Credit
B) Overdraft Account Charge
C) Outstanding Amount Calculation
D) Open Account Credit
When making a purchase and paying for it in equal amounts over a period of time, it is known as: A) Credit B) Debit C) Installment D) Interest
D
C
A
B
Which of the following is a way to get money? A) Debit B) Credit C) Principle D) Transaction
Debit
Credit
Principle
Transaction
What do you call the extra cost of borrowing money?
Debit
Credit
Interest
Installment
What is the original amount of money borrowed or invested known as?
Debit
Credit
Interest
Principle
