What are positives to saving money?

Financially independent, Ok with unforeseen expenses, Draws interest, Prepared for circumstance changes, Back up plan

paying for a good or service with the promise to pay for it in the future

What are the three ways to spend money

cash, credit cards, and debit cards

Why is using a credit card like taking out a loan?

borrowing money to pay for something

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Financial Literacy I

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Questions 13

Answers

1
What are the components of a loan?
principal, interest, and item
principal and interest
interest and time
principal, interest, and time
2
What is a budget?
a plan for managing money
a plan for saving money
a plan for borrowing money
a plan for spending money
3
What is one positive of using cash?
might not have enough money for what you need
easy to spend
have access to all your money
easy to budget
4
What are positives to saving money?
Financially independent
Ok with unforeseen expenses
Draws interest
Prepared for circumstance changes
Back up plan
have less money to spend
5
What is credit?
borrowing money to pay for something
Putting money away for future use
paying for a good or service with the promise to not pay in the future
paying for a good or service with the promise to pay for it in the future
6
Needs are items that are essential for living, & wants are things that you would like to have but don't need to survive
True
False
7
What are the three ways to spend money
debit cards, cash, coins
cash and credit cards
cash, credit cards, and debit cards
debit cards and credit cards
8
Why is using a credit card like taking out a loan?
borrowing money to pay for something
Putting money away for future use
paying for a good or service with the promise to not pay in the future
Both draw interest
9
What are 3 things people include in a budget?
Savings, Investments, Goals
Bills, Savings
Wants, Savings, Needs
Bills, Needs, Desires
10
financial literacy is the skills & knowledge that allows people to make poor decisions with their money and resources
True
False
11
What are 2 reasons people get loans?
cars and clothes
cars and video games
small businesses and houses
houses and funiture
12
What does it mean to invest money?
buying into a company or good
donating money to a company or good
giving money to a company
buying services or goods
13
Debit cards and Credit cards are the same thing
False
True

Financial Literacy I Flashcards | StudBud