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Financial Literacy Basics Flashcards | StudBud

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Financial Literacy Basics

16 terms·StudBud Administration

Test your knowledge on fundamental concepts related to money management, banking, and economic principles.

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Questions 16

Answers

1
What does 'borrow' mean?
To use and return
To save money
To lend money
To buy goods
2
What does 'sale' mean?
New products
Higher prices
Limited stock
Discounted prices
3
What is a 'good'?
A service provided
An item for sale
A form of cash
A type of need
4
True or false: A credit card uses borrowed money.
True
False
5
What does 'price' refer to?
Cost of goods
Amount of cash
Quality of service
Type of demand
6
What is cash?
Coins and bills
Credit card funds
Bank loans
Digital currency
7
What does 'buy' mean?
To save money
To sell something
To pay for something
To borrow money
8
What is a debit card used for?
Paying with cash
Borrowing money
Buying on credit
Using bank funds
9
What is a 'need'?
Something optional
Something expensive
Something essential
Something desired
10
What does 'sell' mean?
To borrow money
To give for payment
To buy something
To save money
11
What does 'demand' refer to?
Need for goods
Quality of services
Amount of money
Type of goods
12
What is the purpose of saving money?
To spend later
To waste it
To lend to others
To buy goods
13
What is a 'service'?
A type of good
A product sold
A task performed
A form of cash
14
What is the difference between a need and a want?
Needs are essential
Wants are essential
Wants are mandatory
Needs are optional
15
What is a check?
A loan agreement
A cash payment
A credit card
A bank document
16
What is a bank?
A type of service
A loan provider
A money storage
A place to shop