Norwood Goals and Personal Finance

Question 1

Payment received for goods or services, including employment.

Accepted Answer

income

Question 2

This has intrinsic value based on the material from which it is made?

Accepted Answer

Commodity

Question 3

Something that you want to achieve over a specific period of time.

Accepted Answer

Goal

Question 4

The price paid for a good or service is?

Accepted Answer

Cost

Question 5

This is declared by the government and accepted by citizens to have worth.

Accepted Answer

Fiat

Question 6

Which of the following is not a function of money?

Accepted Answer

Be coin or paper

Question 7

This is something that holds its value over time.

Accepted Answer

Store Value

Question 8

Which of the following is not an economic property of money?

Accepted Answer

High Standard

Question 9

This is exchanging goods and services for other goods and services.

Accepted Answer

Barter

Question 10

This is a loan that allows a buyer to purchase a home without paying for it all at once.

Accepted Answer

Mortgage

Question 11

Which of the following is not a service that banks provide?

Accepted Answer

Customers can loan money

Question 12

Which of the following is the least risk?

Accepted Answer

Bonds

Question 13

It is a means through which goods and services can be exchanged.

Accepted Answer

Medium of Exchange

Question 14

Who established the 1st Bank of the USA.

Accepted Answer

Alexander Hamilton

Question 15

What are the 3 types of Investment Options

Accepted Answer

Cash, Bonds, Stocks

Question 16

Which of the following is an example of a short term goal?

Accepted Answer

Not get detention today

Question 17

This is another name for demand deposits.

Accepted Answer

Checking Account

Question 18

Which is the best answer for a short term goal?

Accepted Answer

Complete in 1 day to a couple of weeks

Question 19

You buy a new pair of shoes for $100 and the tax is 8%. How much do you pay in tax?

Accepted Answer

$8

Question 20

The use of income today in a way that allows for a future benefit.

Accepted Answer

Investment

Question 21

These are savings accounts and time deposits that can be converted into cash relatively easily.

Accepted Answer

Near Money

Question 22

An outcome that promotes well being is?

Accepted Answer

Benefit

Question 23

Income that is not used for consumption.

Accepted Answer

Savings

Question 24

Which of the following is the least risk?

Accepted Answer

Cash

Question 25

Which of the following is not a physical property of money?

Accepted Answer

Adversity

Question 26

Which of the following is an example of a medium term goal?

Accepted Answer

Go to the beach this summer

Question 27

Which is an example of Commodity money? (Probably not for you but for other countries)

Accepted Answer

Salt, Olive Oil

Question 28

Where did the idea of modern banking begin?

Accepted Answer

Italy

Question 29

Which is the best answer for a long term goal?

Accepted Answer

Complete in 7 months to many years

Question 30

This type of money is backed up by something tangible, like silver or gold.

Accepted Answer

Representative

Question 31

Who is the person you go to if you want to invest in the stock market?

Accepted Answer

Broker

Question 32

Which of the following is an example of a long term goal?

Accepted Answer

Start my own business after college

Question 33

This determines the economic worth in the exchange process.

Accepted Answer

Standard Value

Question 34

Comparing the cost of two or more goods or services in an effort to find the best value is?

Accepted Answer

Cost Comparison

Norwood Goals and Personal Finance

Questions 34

Norwood Goals and Personal Finance

Questions 34