Imagine Jackson is researching why banks started offering credit before 1920. He learns that charging exceptionally high-interest rates was legal at that time. Is this statement true?

Aria is planning her monthly expenses. She knows it's important to always make sure she has a ________.

Michael just got his first job and is learning about managing his finances. A money principle to keep in mind is to live on ________ than you make.

James wants to find out his net worth. To do this, he subtracts his liabilities from his ________.

Abigail receives her paycheck every two weeks. By the time her next payday arrives, she has just enough money left to cover her expenses, with nothing left to save. What is Abigail experiencing?

Emma is planning to attend college in 1972 and is worried about how to borrow money for her education. She discovers that borrowing money to attend college has become much easier because of a particular association. Which association made this possible?

Noah wants to improve his financial situation and is learning about important steps to take. Which of the following lists represents the Five Foundations he should follow?

William is curious about budgeting habits in America. He discovers that although the majority of Americans think budgeting is important, about what percentage of Americans actually use a budget?

Nora is trying to manage her finances. She wonders if she should only use an app for her budget.

Henry is creating a budget to manage his monthly expenses and savings goals. How many categories should Henry include in his budget?

Mia wants to manage her finances better. How often should she create a budget?

Olivia wants to manage her money for the month. What does a budget show her?

Olivia decides to go to the movies with her friends. This outing is an example of what types of expenses?

Mia receives money from her job, birthday gifts, and sometimes sells things online. What kind of money counts as income?

Ethan created a monthly budget for his expenses. One month, he overspent in his entertainment category. What should Ethan do?

Ava pays her monthly rent for her apartment. Is this an example of a variable expense?

Zoe is creating her monthly budget and wants to make sure she covers the four essential areas first. What are the four walls of a budget?

Abigail wants to create a budget to manage her finances. What are the four components she should include in her budget?

Luna is applying for a loan at her local bank. The bank uses her credit score to determine:

Hannah decides to finance a new car. Will she end up paying more than the sticker price?

Mia is considering how to get a new car. She decides to lease it, which is a method of financing where:

Noah has several debts and wants to use the Debt Snowball method to pay them off. What is the correct order he should follow?

Emma buys a car. Is the car a depreciating asset?

Evelyn owns a small bakery and accepts credit card payments from her customers. Each time a customer pays with a credit card, the credit card company charges Evelyn's bakery a 2–3% fee for the transaction. This fee is called a(n):

Evelyn has a credit card and often pays only part of her monthly debt. From which of the following do credit card companies make the most profit?

Zoe applies for a loan, and the lender gathers her credit information to decide whether to approve it. This is an example of what?

Mason has a savings account, some stocks, and a car. What is the term for anything that Mason owns, including money in the bank or investments?

Avery buys a new smartphone to use for daily tasks. What is the term for Avery in this situation?

Jackson wants to buy a new laptop but doesn't have enough money right now. The store offers him the option to take the laptop home today and pay for it later, creating a debt. What is the term for this arrangement?

Hannah borrowed money from a bank to buy a car. What is the term for money she owes to the bank?

Nora runs a small bakery. She buys flour, sugar, and eggs for her recipes. What is the term for the following definition? The cost of goods or services; money paid out.

David wants to make informed decisions about his spending, saving, and investing. He realizes he needs the knowledge and skill base necessary to be an informed consumer and manage his finances effectively. What is the term for this?

Grace wants to make sure she can pay for her daily expenses and also save for her future goals, like buying a house or traveling. What is the term for the plan of action she needs to achieve both her immediate needs and long-term goals?

Liam wants to borrow money from a bank. The bank tells him that he will have to pay an additional cost for borrowing their money. What is the term for this additional cost?

Priya wants to borrow money from a bank to buy a car. The bank tells her that she will have to pay a certain percentage of the principal as a charge for using their money. What is the term for this percentage?

Zoe takes out a loan to buy a car. What is the term for Zoe's financial debts or obligations?

Emma needs to borrow money quickly and finds a person who offers her a loan, but charges her interest rates far above the legal limit. What is the term for this kind of person or entity?

Jackson has $20,000 in assets but owes $25,000 in liabilities. What is the term for Jackson’s financial situation, where the dollar value of his liabilities is larger than the value of his assets?

Arjun receives his paycheck from work. After payroll taxes and other deductions are taken out, he looks at the amount he actually takes home. What is the term for this amount?

Olivia reviews her finances and calculates the amount by which the value of her assets exceeds or falls behind the value of her liabilities. What is the term for this calculation?

Emma earns a monthly income, but most of it goes toward her expenses, leaving her with little to no savings. What is the term for this situation?

Abigail is planning her finances. She needs to make decisions about how to earn, budget, save, spend, and give money over time. What is the term for all these financial decisions she must make?

Abigail reviews her finances and finds that the dollar value of her assets is greater than the dollar value of her liabilities. What is the term for this situation?

Luna wants to manage her money wisely. She decides to create a written plan for giving, saving, and spending. What is this plan called?

Zoe wants to keep track of all her income and spending over the past year. What is the term for the record she would use to summarize this information?

Aria works as a salesperson at a store. She earns money based on a percentage of the sales she makes. What is the term for this type of earnings?

Scarlett receives her monthly paycheck from her employer. The amount listed on her paycheck before any taxes or other payroll deductions are taken out is called what?

Ava receives money for her work at a local store, gets a birthday gift from her friend, and earns some returns from her investments. What is the term for the money Ava receives in these ways?

Emma works as a freelancer. Her income comes in at different amounts or at different times, or both. What is the term for this type of income?

Ethan receives his paycheck every month. After payroll taxes and other deductions are taken out, he gets to keep a certain amount, often referred to as take-home pay. What is the term for this amount?

Aiden needs a loan to buy a car. The bank agrees to lend him the money, but requires that he offer something valuable he owns as security. If Aiden fails to repay the loan as agreed, the bank will take ownership of the item. What is the term for this item?

James is applying for a loan, and the bank wants to check his credit history. What is the term for the company that collects credit rating information and makes it available to creditors?

Ava is applying for a loan, and the bank wants to know a statistical number that represents her creditworthiness. What is this number called?

Sophia took out a loan from the bank but was unable to repay it on time. What is the term for this situation?

Daniel bought a car, and over the years, its value decreased due to usage and age. What is the term for this loss of value of the asset over time?

Ava bought a home a few years ago. Over time, the value of her home has increased. Now, the difference between what she owes on her mortgage and what the home could be sold for is called what?

Grace wants to buy a new laptop and decides to take out a loan for a fixed amount of money that she'll pay back in monthly installments. What is the term for this type of loan?

Henry takes out a loan to buy a car. The lender has a legal claim against the car until Henry repays the loan. What is the term for this legal claim (or right to own) against an asset until the debt is repaid?

Jackson bought a house, but its market value has dropped. Now, the value of the house is less than what Jackson still owes on his mortgage. What is the term for this situation?

Maya is desperate for cash and approaches a lender who uses deceptive, unfair, or fraudulent practices to take advantage of her situation. What is the term for this type of lender?

Arjun takes out a loan to buy a car. What is the term for the original amount of the loan; the total amount borrowed before fees and interest?

Oliver has a credit card that allows him to borrow up to a certain limit. Whenever he makes a payment to reduce his debt, the available credit automatically increases, letting him borrow again up to the limit. What is the term for this type of credit?

Rohan is planning to buy a car and will be making monthly payments. What is the term for the amount of time, in months, that he’ll be making payments?

Liam takes out a loan from the bank. Over time, the bank charges interest on the loan, but has not yet collected it. What is the term for the amount of interest charged on Liam's debt but not yet collected; interest accumulates from the date the loan is issued?

Zoe invests her money in a savings account and wants to know the average rate of growth for her investment over time, often expressed as an annual figure. What is this term called?

Ava deposits money in a savings account, and the bank pays her interest not only on her initial deposit but also on the interest she has already earned. What is the term for interest paid on interest previously earned?

Benjamin wants to set up a savings account that he can use specifically to cover financial emergencies. What is the term for this type of account?

Noah notices that every year, the prices of groceries and other essentials keep increasing. What is the term for this persistent rise in the cost of goods and services over time?