Financial Literacy Vocab Quiz

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Vocab Quiz Study Guide

Finance

10th

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11 Terms

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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