1. Personal Financial Literacy Chapter 1
Created by Educational Technology Network

2. Vocab
Topic 2
Topic 3
Topic 4
Topic 5 10 20 30 40 50

3. Question
A legal process in which a court takes over some of the finances of a person who is unable to pay his or her bills.

4. Answer 1 – 10
What is Bankruptcy?

5. Question
Cost of pursuing one option instead of another expressed as the value of the activity you gave up.

6. Answer 1 – 20
What is Opportunity Cost?

7. Question
Something owned that can be rapidly converted to cash without a risk of significant loss.

8. Answer 1 – 30
What is Liquid Asset?

9. Question
Financial issues that can affect an individual

10. Answer 1 – 40
What is Personal Finance?

11. Question
The process of planning every aspect of personal finances.

12. Answer 1 – 50
What is Personal Financial Planning?

13. Question
This is used to protect your assets.

14. Answer 2 – 10
What is insurance

15. Question
This is the amount of money you can have saved by retirement if you start saving now.

16. Answer 2 – 20
What is over a million dollars?

17. Question
How many Americans live pay check to pay check?

18. Answer 2 – 30
What is most of them?

19. Question
Money taken from a paycheck by the government.

20. Answer 2 – 40
What are taxes?

21. Question
A powerful tool that can be used to help increase wealth but when misused can lead to long lasting financial difficulties.

22. Answer 2 – 50
What is credit?

23. Question
A savings account is what type of asset?

24. Answer 3 – 10
What is liquid?

25. Question
You went to the movies, which cost $10, instead of working. You would have made $25. What is the opportunity cost?

26. Answer 3 – 20
What is $35?

27. Question
What % of people will have a need for emergency funds at some point in their life?

28. Answer 3 – 30
What is more than 50%.

29. Question
This is the certification that a financial planner would have.

30. Answer 3 – 40
What is CFP or CPA ?

31. Question
This can be a valuable tool for financial planning.

32. Answer 3 – 50
What is the internet?

33. Question
Assuming you drive 4,000 miles per year and gas is $3 per gallon, how much would your gas cost for a year for a car that gets 25 miles per gallon?

34. Answer 4 – 10
What is $480.

35. Question
Donating some of your money or time to worthy causing is called what.

36. Answer 4 – 20
What is charitable giving?

37. Question
Who is responsible for judging the quality of financial advice you receive?

38. Answer 4 – 30
Who is YOU?

39. Question
Ryan worked 40 hours during the first week at his job and made $9 an hour. His paycheck was $ How much did his employer withhold for taxes?

40. Answer 4 – 40
What is $30.00

41. Question
Justin is skipping work to go swimming. He would have worked 4 hours at $10/per. The gas for the trip to the lake will be $8.
What is his opportunity cost?

42. Answer 4 – 50
What is $48.

43. Question
What is the opportunity cost of going to the football game on Friday night instead of working at the mall when you make $7.50 an hour and usually work 6 hours? (Ticket for game is free)

44. Answer 5 – 10
What is $45.00?

45. Question
Assume you need to save $2,000 to buy a used car in 18 months. How much do you need to save every month to accomplish your goal?

46. Answer 5 – 20
What is $ or $112.00

47. Question
If you decide to study 4 hours more a week during your junior year (32 weeks) with the expectation of getting a $2,000 scholarship to college, how much is your study time worth per hour?

48. Answer 5 – 30
4 X 32 = 128 hours
2000/128 = $15.625

49. Question
Assume you drink 8 sodas per week and they cost $1.59 each. How much money can you save over the course of a year if you opt to save the money instead?

50. Answer 5 – 40
8 X 1.59 = 12.72
12.72 X 52 = $661.44

51. Question
The more education you have, the higher your __________________.

52. Answer 5 – 50
What is Salary or earning potential?