Explaining Basic Financial Concepts YOU Should Understand

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What are the four stages of the economic cycle as presented?

• Boom, Peak, Bust, Reset

• Growth, Recession, Depression, Recovery

• Expansion, Contraction, Trough, Peak

• Prosperity, Decline, Stagnation, Revival

Which of these is NOT listed as a factor in calculating a credit score?

• Payment History

• Credit Utilization

• Credit Age

• Income Level

What is one of the main benefits of using money for transactions?

• It makes trading easier

• It guarantees a fixed value for goods

• It removes the need for trust between parties

• It allows for direct bartering of goods

What is considered the most valuable asset for wealth-building?

• Luck

• High Income

• Time

• Gold