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Financial Literacy
Financial Literacy
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7th Grade Financial Literacy Vocabulary
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
What is the extra money you pay to borrow money or use a credit card?
Interest
Gross Income
Budget
Net Income
2
What is another word for House Payment?
Net Worth
Wages
Book
Mortage
3
Sales Tax is subtracted from the total.
False
True
4
Which of the following is an Asset?
Mortage
Jewlery
Credit Card Bill
School Loan
5
Bills and Loans are examples of ________?
Assets
Liabilities
Pickles
Net worth
6
What are Expenses that DO change?
Fixed
Variable
7
The Electricity Bill is an example of a Fixed Expense.
True
False
8
What is the formula for Simple Interest?
I = PxRxT
I = P+R+T
9
Car Payment is what type of expense?
Variable
Fixed
10
Money OWED, especially a debt or financial obligation is a _____.
Asset
Bacon
Liability
Net worth
11
What is an estimate of income and expenses(bills) for a set period of time?
Variable
Fixed
Budget
Interest
12
House payment or Rent is a Fixed Expense.
False
True
13
What are Expenses that DO NOT change?
Variable Expense
Fixed Expense
14
Property OWNED by a person or company, regarded as having value is an __________
asset
pizza
net worth
liability
15
The difference of what you OWN and what you OWE (the difference between Assets and Liabilities)
Asset
Liability
Net Worth
Coconut
16
Which of the following is a liability?
Savings
Mortage
Car Value
Car Payment
17
Is it possible to have a Negative Net Worth?
yes
no
18
Income Tax is subtracted out of your paycheck.
False
True
