Worksheets1.1 vocab assessment
Total questions: 15
Worksheet time: 8mins
What is financial literacy?
The ability to read financial documents
Possession of a body of financial knowledge, a set of basic skills, and the ability to apply knowledge and skills to making informed, responsible choices
The process of investing in stocks
The act of saving money
What is personal financial planning?
The act of spending money on luxury items
Process of setting financial goals and developing plans to reach financial needs
The process of borrowing money from a bank
The act of donating money to charity
What is a financial plan?
A list of all the items you want to buy
Overview of an individual’s current financial position and strategies to meet future financial aspirations
A document that shows your monthly expenses
A plan to save money for a vacation
What is a need?
A luxury car
Necessities a person must have to survive
A new smartphone
A designer handbag
What is a want?
Food and water
Things that a person desires but can live without
Shelter and clothing
Medical care
Who is a consumer?
A person who sells goods and services
Individual who purchases goods and services for personal use
A person who manufactures products
A person who provides services
What is a good?
An intangible activity performed for a fee
A tangible item that can be touched, used, and purchased, such as food or clothing
A financial investment
A type of insurance
What is a service?
A physical product
Intangible activities that another person usually performs for a fee, such as cleaning services or completing tax returns
A type of financial asset
A government policy
What are values?
The amount of money in a bank account
Principles and beliefs that a person considers important
The price of goods and services
The interest rate on a loan
What is a value system?
A list of all the things you own
Overall structure of values and goals that guides a person’s behavior and provides a sense of direction
A financial statement
A type of investment strategy
Which of the following is an example of a need?
A new video game
A winter coat
A luxury watch
A sports car
Which of the following is an example of a want?
Medicine
Designer shoes
Water
Electricity
Which of the following best describes a consumer?
A person who creates products
A person who buys products for personal use
A person who provides services
A person who invests in stocks
Which of the following is an example of a service?
A smartphone
A haircut
A book
A car
Which of the following is a characteristic of a good?
It is intangible
It can be stored and used later
It is a service
It is a financial plan
