What does withdrawal mean?

To take money out of your bank account

What does supply mean?

The amount of items/goods or services available for purchase or sale

When there is a shortage or lack of supplies and goods available

To pay for something with money that is borrowed and must be paid back

What does deposit mean?

To put money into your bank account

Something that is necessary for survival

Something you would like to buy or have

What does lending money mean?

To give someone money that needs to be paid back

The amount of money that someone owes

What does demand mean?

How much an item/good or service is wanted

What happens when there is an increase in supplies (goods, items, and services)

The price of the good/items or services will decrease

What does borrowing money mean?

When you are given money that you will need to pay back

What happens when there is a decrease in the supply (goods, items, and services)

The price of the good/items or services will increase

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Financial literacy

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Questions 13

Answers

1
What does withdrawal mean?
To take money out of your bank account
To pay money back
To spend money
To put money into your bank account
2
What does supply mean?
The amount of items/goods or services available for purchase or sale
How much an item is wanted/good
When you borrow money
To buy something
3
What is scarcity?
Having unlimited supplies and goods
When there is an increase in the supplies and goods available
When there is a shortage or lack of supplies and goods available
4
What is credit?
Paying for something with cash
To pay for something with money that is borrowed and must be paid back
The amount of money in your bank account
Money that does not have to be paid back
5
What does deposit mean?
To put money into your bank account
To spend money
To take money out of your bank account
6
What is a need?
Something you would like to buy or have
Something that is necessary for survival
7
What is a want?
Something you would like to buy or have
Something that is necessary for survival
8
What does lending money mean?
To give someone money that needs to be paid back
To give money that does not need to be paid back
To put money in the bank
To take money that needs to be paid back
9
What is debt?
The amount of money that someone owes
Money that is saved in the bank
Money that is earned
The total amount of money someone has earned
10
What does demand mean?
The amount of items or services available for purchase or sale
To save money
How much an item/good or service is wanted
11
What happens when there is an increase in supplies (goods, items, and services)
The price of the good/items or services will increase
The price of the good/items or services will decrease
The price of the good/items or serivces will not change
12
What does borrowing money mean?
When you are given money that you will need to pay back
When someone takes your money
When you are given money that does not have to be paid back
When you give someone money
13
What happens when there is a decrease in the supply (goods, items, and services)
The price of the good/items or serivces will not change
The price of the good/items or services will decrease
The price of the good/items or services will increase

Financial literacy Flashcards | StudBud