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Personal Financial Literacy Flashcards | StudBud
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Personal Financial Literacy
Personal Financial Literacy
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A review for chapter 1 vocabulary terms
Flashcards
17 cards
F
Practice quiz
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Host live
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Questions
17
Answers
1
Make something available; provide
Demand
Supply
Scarcity
2
To give money in exchange for goods or services
Save
Earn
Spend
Donate
3
What are things that are desired but are not essential to life?
Goods
Wants
4
Budgets cause people to spend too much money.
True
False
5
To give money to help others
Donate
Save
Earn
Spend
6
Games are a need.
False
True
7
What is an entrepreneur?
Someone who works from home
Someone who has set up their own business
Someone who doesn't work
Someone who is employed
8
What are physical items produced in an economy?
Goods
Needs
9
Why would people need to budget?
To make a plan with their money for the future.
So they can buy things they do not need.
They are moving to a new country.
10
Someone who buys goods or services.
Consumer
Teacher
Producer
Goods
11
Which of these would be an example of a consumer?
A chef at a diner.
Someone making and selling bows.
Someone buying a phone.
A farmer who sells produce.
12
Which of these would be considered goods?
Apples
Haircut
Childcare
Doctor's visit
13
In short supply; a shortage
scarcity
demand
Services
supply
14
Which of these are a want?
Tablet
Food
Shelter
Water
15
To put money aside, rather than spending or donating it
Donate
Save
Earn
Spend
16
What are activities produced in an economy?
Wants
Services
17
To receive money, usually in return for goods and services
Save
Earn
Donate
Spend
