Financial Literacy 1
What a person owns of value.
What are assets?
It occurs when the price of goods and services are rising.
What is inflation?
Money earned from working and other means.
What is income?
Buying stuff without thinking about whether or not you need it.
What is an impulse buy?
Things that are made to be sold.
What are goods?
A place where people put their money for safekeeping, and for ease of use.
What is a bank?
The knowledge and skills to manage money.
What is Financial Literacy?
Opposite of Income.
What is an expense?
A person who starts his or her own business.
What is an entrepreneur?
It is like a bank and owned by the members.
What is a credit union?
A loan that a person uses to pay for things, but is expected to pay back.
What is credit?
Finding out whether or not what you are about to buy can be found at a lower price somewhere else.
What is comparison shopping?
Giving resources or volunteering to help those in need.
What is charity?
A savings certificate that gains interest and has a set amount of time before you can withdraw your money without penalties.
What is a certificate of deposit?
A spending plan that predetermines how your money will be spent.
What is a budget?
Something you would like to have but can live without.
What is a "want"?
Something you truly cannot live without.
What is a "need"?
The total amount of money you can charge to your credit card.
What is a credit limit?
Fees placed on income, purchases, or property to support our society.
What are taxes?
An activity or action that might be dangerous.
What is a risk?
A three digit numerical rating of how likely you are to pay off your debts.
What is credit score?
The Canadian institution that manages taxes.
What is the Canadian Revenue Agency?
The cost we give up when we choose something else.
What is an opportunity cost?
Refers to how easy it is to access your money.
What is liquidity?
A type of malicious software designed to block access to a computer system until a fee is paid.
What is ransomware?