Financial Literacy 1

Question 1

The use of savings to earn a financial return is a(n)

Accepted Answer

Investments

Question 2

An agreement a borrower gives a lender in return for the lender giving a loan to buy property

Accepted Answer

Mortgage

Question 3

a written form of payment that orders a bank to money from an account

Accepted Answer

check

Question 4

Savings is the part of a person's income that is not spent.

Accepted Answer

true

Question 5

A form of security to help guarantee that a creditor will be repaid is called

Accepted Answer

collateral

Question 6

various types of non-wage compensation provided to workers in addition to normal salaries

Accepted Answer

employee benefits

Question 7

An individual who conceives of, establishes, operates, and assumes the risks of a business.

Accepted Answer

entrepreneur

Question 8

A plan for spending and saving money based on a person's goals during a given time period.

Accepted Answer

budget

Question 9

Any items of value that people own, including cash, property, personal possessions

Accepted Answer

Asset

Question 10

All of these are examples of insurance except:

Accepted Answer

Loan

Question 11

A legal process to get out of debt when you can no longer make all your required payment.

Accepted Answer

bankuptcy

Question 12

A report that identifies a person’s financial goals, needs

Accepted Answer

financial plan

Questions 12