Financial Literacy Vocab Quiz

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The equation for wealth is

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The equation for wealth is

assets - liabilities

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the net amount of financial value a person has after subtracting liabilities

net worth

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Savers have

future time preferences

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A/an is the cost of something, or the amount of money a person has to pay to get or do something

expense

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is the amount of money that is paid in exchange for using someone else's money

interest

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what are two types of traditional financial institutions

banks and credit unions

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Alternative financial institutions

check cashers, currency exchanges, and payday lenders

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inflation is

an economic process in which the price of goods and service rises over time

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is a form of online, encrypted currency that is not connected to a bank account or credit card and allows users to make purchases anonymously

cryptocurrency

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when choosing a savings tool, it is important to consider how quickly the money can be accessed if you need it, otherwise known as

liquidity

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addresses consumers' needs and communicates retailers' rules regarding issues like refunds, returns, and replacements

customer service

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