WorksheetsMultiple Choice Test - Financial Literacy & Economics Vocabulary
Total questions: 29
Worksheet time: 15mins
What does “limited” mean?
You can have everything you want
You can’t have everything
You can only buy what others buy
You always have extra money
Opportunity cost is:
The money you save every week
What you give up to get something else
A job you want in the future
A list of long-term goals
A goal is:
Something you want to achieve
A list of things you cannot do
Something you already have
A type of savings plan
A need is:
Something you would like to have
Something you must have to live
Something you borrow
A type of wage
A want is:
Something required for survival
Something you would like to have
Something you cannot buy
Something only adults have
Prioritizing means:
Borrowing money
Paying bills
Putting things in order of importance
Making a budget
A budget is:
A record of your credit history
A plan for using your money over time
A type of bank account
A list of wants
Tracking your spending means:
Planning future goals
Looking at how you earn money
Looking at what you’ve done with your money so far
Asking a bank for a loan
A Hover-38 is a:
Type of salary
Hover bike
Tax form
Kind of bank account
A wage is:
Money you save for emergencies
Money you get paid for each hour of work
A salary is:
Money paid the same each pay period no matter the hours
Money earned only on weekends
Money earned from selling stocks
Money made from interest
12. Taxes are:
Money paid to friends
Money that goes to the government
Money you always get back
Money paid only by businesses
Gross income is:
The money left after taxes
The money you borrow
The full amount you earn before taxes
The amount you save
Net income is:
The money left after taxes
The full amount earned
Money borrowed from a bank
Money added to your savings
A job is:
Something you do to earn money
A long-term occupation requiring training
A type of tax
A type of bank account
A career is:
A short-term task
A hobby
An occupation you train for and follow as your life’s work
Money borrowed from a lender
Credit is:
Saving money
Borrowing money and promising to pay it back
Money you earn from a wage
Paying taxes
A credit card is:
A way to buy something using credit
A savings tool
A tax payment method
A paycheck
Debt is:
The money you have left after taxes
The money you have borrowed and must pay back
Money saved for later
A type of wage
Credit history is:
A record of how you borrow and repay money
A list of jobs you’ve had
If someone is reliable, they:
Save money
Borrow money often
Can be trusted
Are wealthy
A savings account is used for:
Short-term saving
Paying taxes
Long-term borrowing
Tracking credit history
Interest is:
An added bonus you receive
Money you hide at home
Money you lose each day
The amount a bank pays you or the amount you pay when borrowing
Simple interest is:
When you earn interest on interest
When you make a dollar for every $10
A type of tax
A type of wage
Compound interest is:
When interest grows on the original amount plus past interest
When you make the same amount each week
When you borrow money from a friend
When savings stay the same
Insurance helps you pay for:
Vacations
Emergencies
Wants
Taxes
A Certificate of Deposit (CD) is:
A short-term savings account
A medium-term savings account that earns higher interest
A credit card
A type of debt
Bonds are:
Agreements where you lend money to companies or the government
A short-term savings account
A type of tax
A record of credit history
Stocks are:
A type of loan
A share of ownership in a company
A type of insurance
A type of wage
