An obligation of repayment owed by one party to a second party...
A) debt B) ownership
What is A) debt?
100
The persistent rise in the cost of goods and services...
A) deflation B) inflation
What is B) inflation?
100
An item that is bought without previous planning or consideration of the long-term effects...
A) sale item B) impulse purchase
What is B) impulse purchase?
100
A period of temporary economic decline during which trade and industrial activity are reduced; generally identified by a fall in gross domestic product (GDP)...
A) recession B) market economy
What is A) recession?
100
Saving money over time for a large purchase...
A) installment loan B) sinking fund
What is B) sinking fund?
200
A person or organization that uses a product or service...
A) borrower B) consumer
What is B) consumer?
200
Compares after-tax income to the money people spend on a variety of items...
A) savings rate B) interest rate
What is A) savings rate?
200
A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero...
A) zero-spending plan B) zero-based budget
What is B) zero-based budget?
200
A fee paid by a borrower to the lender for the use of borrowed money...
A) bills B) interest
What is B) interest?
200
Percentage paid to a lender for the use of borrowed money, or the percentage earned on invested principal...
A) savings rate B) interest rate
What is B) interest rate?
300
All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc...
A) personal finance B) currency
What is A) personal finance?
300
Interest paid on interest previously earned...
A) compound interest B) interest
What is A) compound interest?
300
To match your bank statement with your checkbook...
A) cash flow plan B) reconcile
What is B) reconcile?
300
The granting of a loan and the creation of debt; any form of deferred payment...
A) credit B) annual fee
What is A) credit?
300
The five steps to financial success...
A) five money myths B) Five Foundations
What is B) Five Foundations?
400
A system by which goods and services are produced and distributed...
A) economy B) assets
What is A) economy?
400
When a person intentionally invests money in a place where it can earn more money...
A) wealth building B) sinking fund
What is A) wealth building?
400
Occurs when money is withdrawn from a bank account and the available balance goes below zero...
A) reconcile B) overdraft
What is B) overdraft?
400
The knowledge and skillset necessary to be an informed consumer and manage finances effectively...
A) budgeting B) financial literacy
What is B) financial literacy?
400
Your own record of all your transactions...
A) account statement B) check register
What is B) check register?
500
A debt evidenced by a “note,” which specifies the principal amount, interest rate and date of repayment...
A) bank fee B) loan
What is B) loan?
500
Money today has different buying power than the same amount of money in the future...
A) time value of money B) interest
What is A) time value of money?
500
Expenses that remain the same from month to month...
A) variable B) fixed
What is B) fixed?
500
Save a $500 emergency fund...
A) the First Foundation B) the Fourth Foundation
What is A) the First Foundation?
500
Non-essential expenses...
A) intermittent B) discretionary