Financial Literacy Quarter 1 Exam
Questions and Answers 100% Pass
Indebted - ✔✔To owe money, goods, or services to someone
Employable - ✔✔a person who is ready and qualified to work
Net Worth Statement - ✔✔A snapshot of an individual's financial health, at
one particular point in time
Fair Market Value - ✔✔An estimate of the market value of a property,
based on what a knowledgeable, willing and unpressured buyer would
probably be willing to pay.
Liquidity - ✔✔The ability or ease with which assets can be converted into
cash.
Collateral - ✔✔Property or security pledged for the payment of a loan.
What are three keys to financial success? - ✔✔1. Setting goals
1
Katelyn Whitman, All Rights Reserved © 2025
, 2. Making smart decisions
3. Planning for the future
5 steps for effective personal financial planning - ✔✔Step 1: Evaluate your
financial health
Step 2: Define your financial goals
Step 3: Develop a plan of action
Step 4: Implement your plan
Step 5: Review, evaluate, and revise
Define net worth - ✔✔Assets minus Liabilities
It's tougher to receive financial security if you are a ____________ -
✔✔Woman
How long should a person expect to work every day? - ✔✔8-10 hours
How many hours do you work a week, if you are part time? - ✔✔Less than
40 hours
2
Katelyn Whitman, All Rights Reserved © 2025
Questions and Answers 100% Pass
Indebted - ✔✔To owe money, goods, or services to someone
Employable - ✔✔a person who is ready and qualified to work
Net Worth Statement - ✔✔A snapshot of an individual's financial health, at
one particular point in time
Fair Market Value - ✔✔An estimate of the market value of a property,
based on what a knowledgeable, willing and unpressured buyer would
probably be willing to pay.
Liquidity - ✔✔The ability or ease with which assets can be converted into
cash.
Collateral - ✔✔Property or security pledged for the payment of a loan.
What are three keys to financial success? - ✔✔1. Setting goals
1
Katelyn Whitman, All Rights Reserved © 2025
, 2. Making smart decisions
3. Planning for the future
5 steps for effective personal financial planning - ✔✔Step 1: Evaluate your
financial health
Step 2: Define your financial goals
Step 3: Develop a plan of action
Step 4: Implement your plan
Step 5: Review, evaluate, and revise
Define net worth - ✔✔Assets minus Liabilities
It's tougher to receive financial security if you are a ____________ -
✔✔Woman
How long should a person expect to work every day? - ✔✔8-10 hours
How many hours do you work a week, if you are part time? - ✔✔Less than
40 hours
2
Katelyn Whitman, All Rights Reserved © 2025
