Financial Literacy Chapter 1 Vocabulary Quiz

An arrangement to receive cash, goods, or services now and pay for them in the future.

• debit

• credit

• debt

• interest

total assets minus total liabilities

• interest

• positive net worth

• debt

• net worth

Percentage of amount borrowed to be added to the amount loaned and paid back

• interest rate

• debit

• liability

• loan

A set of goals for spending, saving, and investing the money you receive.

• interest

• net worth

• financial plan

• interest rate

an obligation to pay money to someone

• loan shark

• financial planning

• liability

• debt

A person who purchases goods and services for personal use

• consumer

• loan shark

• interest

• interest rate

All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc

• debt

• interest

• financial plan

• personal finance

A sum paid or charged for the use of money or for borrowing money

• interest rate

• credit

• interest

• loan

someone who lends money at excessive rates of interest

• debt

• loan shark

• liability

• interest rate

the dollar value of a person's assets is greater than the dollar value of their liabilities

• debt

• positive net worth

• negative net worth

• liability