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Life Skills
9th -
12thgrade
Foundations in Personal Finance Chapter 1 - Money In Review
15 questions
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- 1. Multiple ChoiceA person or organization that uses a product or service.ConsumerCreditDebtBuyer
- 2. Multiple ChoiceThe granting of a loan and the creation of debt; any form of deferred payment.InterestCreditLoanBank
- 3. Multiple ChoiceAn obligation of repayment owed by one party (the debtor/borrower) to a second party (the creditor/lender); in most cases this includes repayment of the original loan amount plus interest.LoanDebitBuyerDebt
- 4. Multiple ChoiceA system by which goods and services are produced and distributed.Wal-martPersonal FinanceEconomyDistribution Center
- 5. Multiple ChoiceA fee paid by a borrower to the lender for the use of borrowed money; typically interest is calculated as a percentage of the principal (original loan amount)InterestBudgetFinancial LiteracyPersonal Finance
- 6. Multiple ChoiceThe knowledge and skillset necessary to be an informed consumer and manage finances effectivelyInterestBudgetFinancial LiteracyPersonal Finance
- 7. Multiple ChoiceA debt evidenced by a "note", which specifies the principal amount, interest rate and date of repayment.BillDebtInterestLoan
- 8. Multiple ChoiceAll of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.Personal FinanceFinancial LiteracyBudgetBanking
- 9. Multiple Choice
Learning the language of money is not that important because you will be able to depend on financial planners to manage your money.
True
False
- 10. Multiple Choice
Which of the following is NOT a reason credit is marketed so heavily to consumers in the United States?
There is a strong consumer demand for big ticket items.
The credit industry has become extremely profitable.
The use of credit is not socially accepted in the United States.
After World War I, credit laws in the United States were relaxed in an attempt to create a mainstream alternative to loan sharks for the working class.
- 11. Multiple Choice
When it comes to managing money, success is about _____% head knowledge, and _____% behavior.
50, 50
20, 80
90, 10
40, 60
- 12. Open Ended
Describe some of the mistakes Americans often make when it comes to money.
- 13. Open Ended
Explain why understanding your money personality is important when it comes to developing a money plan that is right for you.
- 14. Open Ended
Does managing your money well mean that you can't have fun with your money? Explain your answer.
- 15. Open Ended
What is your greatest "takeaway" from Chapter 1 of Foundations in Personal Finance? What is the most important lesson you have learned about personal finance so far?
- Answer choicesTagsAnswer choicesTags