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