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Chapter 1 Financial literacy Flashcards | StudBud
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Chapter 1 Financial literacy
A priority is ...
A financial plan is ...
Chapter 1 Financial literacy
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1
A financial plan is ...
Set of goals for acquiring, saving and spending money.
Ability to combine financial knowledge with behaviors to use money wisely.
Knowledge about basic topics related to finance.
Belief about ideas and principles a person thinks is important.
2
A priority is ...
Debt that is owed.
Something a person desires but is not necessary for survival.
A value or goal that is given more importance than other values or goals.
Something a person must have to survive.
3
Something a person must have to survive is called a ...
Priority.
Want
Financial goal
Need
4
Something a person desires but is not necessary for survival is ....
A want.
An asset.
A need.
A liability.
5
FOMO is fear of missing out.
True
False
6
A debt that is owed is called ...
Wealth.
A liability.
An asset.
A need.
7
Wealth is ...
Something a person desires but is not necessary for survival.
Plentiful supply of money or valuable goods.
Item of value that is owned.
Value or goal that is given more importance than other values or goals.
8
A belief about ideas and principles a person thinks is important is ...
A financial goal.
A priority.
A need.
A value.
9
A financial goal is ...
Belief about ideas and principles a person thinks is important.
Measurable objective related to acquiring or spending money.
Set of goals for acquiring, saving, and spending money.
Difference between what is owned and what is owed.
10
An asset is ...
Something a person must have to survive.
Value or goal that is given more importance than other values or goals.
An item of value that is owned.
Debt that is owed.
11
A person's net worth is the difference between what is owned and what is owed.
False
True
12
Ability to combine financial knowledge with the attitude, skills, and behavior needed to use money wisely is ...
Financial literacy.
Financial capabity.
Financial plan.
Financial goal.
13
Financial literacy is defined as knowledge about basic topics related to finance.
False
True
