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Duplicate of Personal Financial Literacy - Third Flashcards | StudBud
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Duplicate of Personal Financial Literacy - Third
Duplicate of Personal Financial Literacy - Third
21 terms
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StudBud Administration
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285 plays
3rd grade financial literacy vocabulary
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
How would the price be affected if I have a high supply and low demand of smelly markers?
price will be high because demand is low & supply is high
price will be low because the demand is low & supply is high
2
________ is paying for goods and services you expect.
Unplanned Spending
Planned Spending
3
If the availability of a product is low, then the price is most likely __________.
high
low
4
Why are diamonds more expensive than water if water is necessary for life?
diamonds are more scarce than water
water is more scarce than diamonds
the demand for water is decreasing
the demand for diamonds is decreasing
5
Whenever I spent $300 on my credit card I had to pay back more than I spent. Why?
Savings
Loan
Income
Interest
6
The more experience or education, the better chance you have of earning a higher income.
False
True
7
The money earned for work people complete.
Charity
Credit
Tax
Income
8
Money you give to help others.
Credit
Charity
Interest
9
Money you pay when you
borrow
money
Interest
Sale
Income
Credit
10
Which of the following does NOT describe a benefit of Carmen having a savings plan?
Carmen wants to save her money to earn interest.
Carmen wants to take out a loan to buy a hot tub.
Carmen wants to have money for unexpected future expenses.
Carmen wants to put money away for college.
11
Which one of these involves interest?
Debit Card
Savings Account
Cash
Credit Card
12
When the demand for a certain product is high, then the price usually ___________.
increases
lowers
stays the same
decreases
13
Whenever we are short or in low supply of a resource it is called?
supply
demand
scarce
14
When you pay for goods or services you did not save for.
Deposit
Planned spending
Unplanned spending
Credit
15
Finish the song: Old McDonald had a...
Barn
Farm
16
What will happen to the price of corn if there is not a good crop of corn and it is scarce?
there is not enough information to make a good decision
the price of corn will decrease
the price of corn will stay the same
the price of corn will increase
17
When you buy something on ______ you pay for it later.
Cash
Deposit
Interest
Credit
18
Which of these would you most likely put on a credit card?
New Washing Machine
Groceries
Gas
19
People should buy their needs before their wants
False
True
20
Claire borrowed $20. She had to pay back the $20 along with interest. What does interest mean?
it means she owes less than what she originally borrowed
it means she owes more than what she originally borrowed
21
________ is when you put money aside to use it in the future.
Saving
Buy
Spend
Cash