10 Questions
Match the following financial terms with their definitions:
income = money received as payment for work, goods, services, rent, or interest expense = money spent for something deposit = to take money out of a bank account withdrawal = to put money in a bank account for safekeeping
Match the following business terms with their definitions:
entrepreneur = a person who starts a business business plan = a list of goals a business owner wants to achieve and the steps needed to reach those goals goods = work done for others, such as haircuts or car repairs services = items that are bought and sold
Match the following financial terms with their definitions:
interest = money paid for the use of someone else’s money profit = income earned after all expenses are paid loss = when a business pays more in expenses than it earns in sales savings account = an account used to hold money that is not needed right away
Match the following business terms with their definitions:
skills = developed abilities a person does well advertising = a way of persuading people to want your goods or services decision making = the process of choosing between different courses of action business loan = money borrowed to start or run a business
Match the following financial terms with their definitions:
money = anything accepted as payment earn = to receive income for labor or services financial institution = a business that provides money-related services deposit = to put money in a bank account for safekeeping
Match the following business terms with their definitions:
business = a company that makes a product or performs a service entrepreneur = a person who starts a business services = work done for others, such as haircuts or car repairs goods = items that are bought and sold
Match the following terms with their definitions:
money = anything accepted as payment earn = to receive income for labor or services deposit = to put money in a bank account for safekeeping interest = money paid for the use of someone else’s money entrepreneur = a person who starts a business business plan = a list of goals a business owner wants to achieve and the steps needed to reach those goals
What is the primary purpose of a savings account?
Saving money that is not needed right away
An ________________ is a business that provides money-related services.
financial institution
Income is money received as payment for work, goods, services, rent, or interest.
True
Study Notes
Financial Concepts
- Money is anything accepted as payment for goods, services, or other transactions.
- Earning refers to receiving income for labor or services provided.
- Income is the money received as payment for work, goods, services, rent, or interest.
Financial Institutions and Services
- Financial institutions are businesses that provide money-related services to individuals and organizations.
- Depositing money into a bank account is a way to keep it safe and earn interest.
- Savings accounts are designed to hold money that is not needed immediately.
- Withdrawals allow individuals to take money out of their bank accounts when needed.
Business and Entrepreneurship
- A business is a company that makes a product or performs a service.
- Goods are items that are bought and sold, while services are work done for others.
- Entrepreneurs are individuals who start their own businesses.
- Developing skills is essential for entrepreneurs to succeed in their ventures.
- A business plan outlines the goals a business owner wants to achieve and the steps needed to reach those goals.
Marketing and Finance
- Advertising is a way to persuade people to want a business's goods or services.
- Expenses are the costs incurred to run a business.
- Business loans provide individuals with the necessary funds to start or run a business.
- Decision making involves choosing between different courses of action to achieve business goals.
- Profit is the income earned after all expenses are paid.
- Loss occurs when a business pays more in expenses than it earns in sales.
Financial Concepts
- Money is anything accepted as payment for goods, services, or other forms of compensation.
- Earning refers to receiving income in exchange for labor or services.
- Income encompasses money received from various sources, including work, goods, services, rent, and interest.
Banking and Financial Services
- A financial institution is a business that provides money-related services.
- Depositing money involves putting it in a bank account for safekeeping.
- A savings account is a type of account used to hold money that is not needed immediately.
- Withdrawing money involves taking it out of a bank account.
Business and Entrepreneurship
- A business is a company that produces goods or provides services.
- Goods are items that are bought and sold, while services are tasks performed for others.
- An entrepreneur is a person who starts a business.
- Developing skills enables a person to excel in specific areas.
Business Planning and Operations
- A business plan outlines goals and the steps necessary to achieve them.
- Advertising is a way to persuade people to want a business's goods or services.
- Expenses are costs incurred for various business needs.
- A business loan is money borrowed to start or run a business.
Decision Making and Financial Performance
- Decision making involves choosing between different courses of action.
- Profit is the income earned after all expenses are paid.
- A loss occurs when a business pays more in expenses than it earns in sales.
This quiz covers basic financial concepts and terminology, including money, earning, income, financial institutions, deposits, savings accounts, withdrawals, interest, and businesses.
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