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Personal Finance Vocab

Total questions: 20

Worksheet time: 15mins

Name
Class
Date
1.

What are specific objectives to be accomplished through financial planning?

a)

Financial Planning

b)

Financial goals

c)

Goals

d)

Financier

2.

What is a plan for continuously managing money so that a person will meet short-term and long-term financial goals?

a)

Financier

b)

Financial planning

c)

Financial Goals

d)

Money Plan

3.

What is managing money in ways that build a sense of competence, understanding, and control?

a)

Financial well-being

b)

Financing

c)

Future Planning

d)

Money Management

4.

What is self-perceived happiness or satisfaction with life?

a)

Happiness

b)

Self Satisfaction

c)

Life Goals

d)

Well-being

5.

What are goods or services that are required for survival?

a)

Needs

b)

Survival

c)

Wants

d)

Necessary

6.

What is the value of the next best alternative that must be forgone as a result of a decision?

a)

Opportune Cost

b)

Alternative Cost

c)

Choice Cost

d)

Opportunity Cost

7.

What is it called when you give up one thing for another?

a)

Loss

b)

Compromise

c)

Trade-off

d)

Trade

8.

What is a fundamental belief or practice about what is desirable, worthwhile, and important to an individual?

a)

Belief

b)

Value

c)

Desire

d)

Worth

9.

What is the desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival?

a)

Desirable

b)

Want

c)

Need

d)

Survival

10.

What is something a person intends to acquire, achieve, or accomplish in the future

a)

Accomplish

b)

Want

c)

Goal

d)

Desire

11.

What are goals that will be attained in more than one year?

a)

Short-term Goals

b)

Accomplish

c)

Goals

d)

Long-term Goals

12.

What are goals that will be attained in less than one year?

a)

Need

b)

Short-term Goals

c)

Long-term Goals

d)

Accomplish

13.

What is a machine that allows people to complete certain transactions from the machine without human assistance?

a)

Automated teller machine (ATM)

b)

PVR

c)

ATR

d)

RCV

14.

What is an account that allows quick access to funds for transactions?

a)

Money Market Account

b)

Certificate of Deposit

c)

Saving Account

d)

Checking Account

15.

What is a for-profit depository business that offers financial services to both consumers and other businesses?

a)

National Bank

b)

Nonprofit Bank

c)

Commercial Bank

d)

Federal Reserve

16.

What are payment transactions that can be completed with no physical connection between the payment device and the physical point of sale (POS) terminal or store clerk?

a)

Contactless Payment

b)

Card Payment

c)

Cash Payment

d)

Contact Payment

17.

What are depository institutions that offer many banking services and are owned by their customers?

a)

Federal Bank

b)

Insurance

c)

Bank

d)

Credit Union

18.

What is a plastic card that is electronically connected to the cardholder’s depository institution account?

a)

ID

b)

Checking Account

c)

Debit Card

d)

Credit Card

19.

What is a businesses that provide financial services?

a)

Credit Union

b)

Depository Institution

c)

Bank

d)

Commercial Bank

20.

What is the price paid for using someone else’s money?

a)

Addition

b)

Money

c)

Compound Interest

d)

Interest