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Financial Literacy: Understanding Budgeting and Credit

Answer the Following Questions in Complete Sentences

Question 1

Short answer

Define a budget:

Question 2

Short answer

How does making a personal budget lead to financial responsibility?

Question 3

Short answer

List two benefits of having a budget:

Question 4

Short answer

What are the three parts of a budget?

Question 5

Short answer

Define income:

Question 6

Short answer

Define expenses:

Question 7

Short answer

Define balance:

Question 8

Short answer

What is a deficit?

Question 10

Short answer

Define credit:

Question 11

Short answer

Why is it important to use credit responsibly?

Question 12

Short answer

Define lender:

Question 13

Short answer

Define interest:

Question 14

Short answer

What is a loan?

Question 15

Short answer

Who is a borrower?

Question 16

Short answer

What is an Annual Percentage Rate (APR)?

Question 17

Short answer

What is a credit rating?

Question 18

Short answer

Define collateral:

Question 19

Short answer

List three sources of credit:

Question 20

Short answer

What do retail store credit cards offer?

Question 21

Short answer

Which institutions provide credit to consumers with a good credit rating?

Question 22

Short answer

List two benefits of using credit:

Question 23

Short answer

List two drawbacks of using credit:

Question 24

Short answer

List three questions you should ask before borrowing:

Group 25

Credit Term - Definition

Question 25a

Short answer

APR

Question 25b

Short answer

Borrower

Question 25c

Short answer

Collateral

Question 25d

Short answer

Lender

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