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Personal Financial Literacy
What is planned spending?
What is a demand?
Personal Financial Literacy
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Answers
1
What is a
demand
?
Spending a person cannot predict.
How much people want an item.
Where there is a small amount of a rare or hard to find item
2
What is
planned spending
?
A fee added to a loan or credit card used for borrowing $.
The amount of a good.
The spending a person sets aside for specific reasons.
3
What is
scarcity
?
When there is a small amount of a rare or hard to find item.
The spending a person cannot predict.
A plan for spending money to use it in the best way.
4
A policeman gets paid for the work that they do. Which factor would most likely
NOT
affect pay?
The special skills the officer has.
The number of years the officer has worked.
The level of education the officer has.
The size of officer's family.
5
What does
donate
mean?
Spending money by giving to a good cause.
Spending a person cannot predict, such as a trip to the ER.
A plan for spending money to use it the best way possible.
6
Jay is in 3rd grade and has a savings plan. Which is
NOT
a benefit to having a savings plan?
Putting $ aside for a reason will prevent unneeded spending.
He will earn positive interest on the $ he saves.
Setting up a plan will help save money for college.
Jay doesn't know that there's a saving plan.
7
Bad weather destroyed most of the oranges in a grove. What might happen to the other oranges?
The price will increase due to an increase in the supply.
The price will decrease due to the decrease in the supply.
The price will decrease due to an increase in the supply.
The price will increase due to the decrease in the supply.
8
What is a
budget
?
Spending a person cannot predict.
When there is a small amount of a rare or hard to find item.
A plan for spending money that helps a person use $$ wisely.
9
What is
income
?
Spending that a person sets aside for specific reasons.
The $ earned for completing work or selling a good/service.
The additional $ added to a loan or credit card.
10
What does
withdrawal
mean?
The amount of money put into a bank for saving/spending.
How much people want an item.
The amount of money taken out of a bank for spending.
11
What is
interest
?
A fee (amount of money) added to a loan or credit card.
Spending set aside for specific reasons.
Money earned for completing work or selling a good/service.
12
Joe borrowed $20 dollars and was told he'd have it back with
interest
. What does this mean?
He has to pay back only what he borrowed.
He has to pay back only what was spent.
He gets to keep it all and not pay any of it back.
He has to pay it all of the money back with a fee as well.
13
What is
supply
?
The spending a person sets aside for specific reasons.
A fee (amount of money) added to a loan or credit card.
The amount of a good.
14
What is a
deposit
?
How much people want an item.
A plan for spending money to use it in the best way.
The amount of money put into a bank for saving/spending.
15
What is
unplanned spending
?
A plan for spending $ in the best way possible.
Spending a person cannot predict, such a broken down car.
Spending $ by giving to a good cause.
