WorksheetsUnit 1.1 - 1.2 Financial Literacy Terms
Total questions: 20
Worksheet time: 12mins
Financial competence – Being able to ________________ your __________ wisely.
manage; finances
spend; time
ignore; problems
waste; resources
Cost-benefit analysis – Comparing the ________________ and the ________________ of a choice before deciding.
costs; benefits
risks; rewards
inputs; outputs
gains; losses
Marginal benefit – The extra __________ you get from adding one more of something.
benefit
cost
risk
loss
Marginal cost – The extra __________ you pay from adding one more of something.
cost
time
effort
benefit
Law of diminishing marginal utility – The __________ you have of something, the less __________ each extra one gives you.
more; satisfaction
less; pain
more; cost
less; value
Trade-off – __________ one thing ________________ another.
giving up; to get
taking; to lose
choosing; to avoid
keeping; to gain
Opportunity cost – The next best thing you __________ when you make a choice.
give up
choose
find
earn
Systematic decision-making – Making choices by following clear _______________.
steps
rules
opinions
guesses
Management – Using __________ (like time, money, skills) wisely to reach goals.
resources
vehicles
buildings
furniture
Personal information management (PIM) – Keeping your personal __________ safe and organized.
information
furniture
vehicles
plants
Fill in the blank: Something that is desired but not essential for basic living, like a new phone, designer clothes, or a vacation, is called a ________.
want
need
obligation
necessity
Fill in the blank: An intangible activity or benefit provided to consumers, such as haircuts, tutoring, or medical care, is called a ________.
service
commodity
good
product
Fill in the blank: A set of personal principles or priorities that determine what is important to you is called a ________.
value system
goals
standard
habit
What is the definition of Financial plan?
a map for how to save, spend, and use money
level of quality you accept
someone who buys goods and services
something you would like but don't need
What is an example of a Need?
nice shoes
steak
cake
hygiene products
Put the 5 components of financial literacy into the order given by Mrs. Yedica.
Income
Budgeting
Saving
Investing
Debt
What is an example of a GOOD?
hair cut
lessons
bread
valet
Define Financial Literacy.
Knowing how money works and how to use it wisely
Someone who buys or uses goods and services
A map for how to spend, save, and use money
Making a plan for your money to reach your goals
Ethics – ____________ (Fill in the blank with the definition of 'Ethics')
Ethics are scientific laws that explain natural phenomena.
Ethics are financial rules for business transactions.
Ethics are artistic techniques used in painting.
Ethics are moral principles that govern a person's behavior or the conducting of an activity.
Match the following.
goal
target you aim at
resource
something you use to reach your goal
standard
level of quality you accept/expect
consumer
buys/uses goods or services
priority
comes first or matters most
