Financial Literacy

Economics

100

The study of how people seek to satisfy their needs and wants by making choices

Economics

200

the study of how households and businesses make economic decisions

Microeconomics

300

the study of the economy as a whole, including governmental economic decisions

Macroeconomics

400

The law of supply states that as price goes up, supply goes _____.  The law of demand states that as price goes up, demand goes _______.

up; down

500

Timmy says to himself, “Timmy! You have so much in this world that you want and need and you’ve got so many awesome goals for yourself. The problem though is your resources are limited. It’s simply not possible to have it all!” Timmy is thinking about…

Scarcity

Checking/Saving

100

Tonya just got a new job.  If Tonya wants her money available right away, without stopping at the bank, she must sign up for ________.

Direct Deposit

200

John should use his ______ account for everyday spending (bills, shopping, etc.) and his _______ account for vacation or college expenses.

checking; saving

300

Travis knows that having his money in a bank account is safe and that his money is insured up to $________

$250,000

400

Cassidy, a 15-year-old sophomore, wants to open her first checking account.  She will need _______ and ________ to do so.

parent; id; deposit

500

How long does a bank statement cover?

30 days

Consumerism

100

Jose bought a candy bar while he was checking out at Walmart.  Candy was not on his list of things to buy.  The candy is an example of:

Impulse buying

200

While shopping for a new car, Sandy researched all available options before settling on her Jeep.  This is an example of ________ shopping.

Comparison

300

Provide two examples of goods and two examples of services

goods--things

services--provided for you

400

______ is a type of digital fraud that results in your card numbers being stolen by an attached digital device.

Skimming

500

Two things that can happen as a result of filing for bankruptcy

Poor credit, clean slate

Insurance

100

Jeremy pays $600 a month for his health insurance.  This fee is called his ____

Premium

200

Janice gets into a car accident.  The accident costs $15,000 overall, but she only pays $1000.  The $1,000 is her ______

Deductible

300

Sam gets into a car accident in which he is at fault.  He has liability insurance only.  The other driver is injured and their car is damaged ($30,000).  Sam's car is damaged and it will cost $20,000 to repair.  How much will his insurance company pay to fix Sam's car?

ZERO

400

How do insurance companies get enough money to pay insured claims?

Risk pooling

500

Premiums and deductibles have an INVERSE relationship--explain the meaning of this phrase

As one goes up, the other goes down

Credit/Debt

100

When it comes to debt and paying off debt, do you want a high interest rate or a low interest rate?

LOW

200

When you take out a loan, what is the principal?

The amount you borrow

300

When you take out a loan, what is the term?

The amount of time it takes to repay the loan

400

To pay the least amount of money, you want a loan with a _____ term and a ______ monthly payment.

short; high

500

Two things that will happen if you don't make your car payment:

Lower credit score

Car repossessed