Personal Finance Chaper 1 Vocabulary

Quiz
•
Financial Education
•
9th - 12th Grade
•
Easy
Elicia Osborne
Used 3+ times
FREE Resource
8 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for a person or organization that uses a product or service?
Creditor
Debtor
Consumer
Lender
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "credit" refer to in personal finance?
The repayment of a loan
The granting of a loan and the creation of debt
The calculation of interest
The management of finances
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term describes an obligation of repayment owed by one party to another?
Interest
Loan
Debt
Credit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of "economy" in the context of personal finance?
The knowledge and skillset necessary to manage finances
A system by which goods and services are produced and distributed
A fee paid by a borrower to the lender
All decisions and activities regarding money
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "financial literacy" refer to?
The ability to read financial documents
The knowledge and skillset necessary to manage finances effectively
The process of repaying a loan
The calculation of interest rates
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is "interest" in the context of borrowing money?
The principal amount of a loan
A fee paid by a borrower to the lender for the use of borrowed money
The total amount of money borrowed
The repayment period of a loan
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a "loan" typically specify?
The total amount of money saved
The repayment period only
The principal amount, interest rate, and date of repayment
The interest rate only
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "personal finance" encompass?
Only the process of saving money
All decisions and activities regarding an individual or family's money
The calculation of interest rates
The production and distribution of goods and services
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