Question: A system by which goods and services are produced and distributed

Answer: Economy

Question: A fee paid by a borrower to the lender for the use of borrowed money.

Answer: Interest

Question: A period of temporary economic decline during which trade and industrial activity are reduced; generally identified by a fall in gross domestic product (GDP)

Answer: Market Economy

Question: A debt evidenced by a ʺnote,ʺ which specifies the principal amount, interest rate and date of repayment

Answer: Loan

Question: An obligation of repayment owed by one party to a second party

Answer: Debt

Question: A person or organization that uses a product or service

Answer: Consumer

Question: The knowledge and skillset necessary to be an informed consumer and manage finances effectively

Answer: Financial Literacy

Question: The granting of a loan and the creation of debt; any form of deferred payment

Answer: Credit

Question: When developing a personal financial plan, one of the first things you should do is assess your current financial situation. This includes your income, assets and liabilities.

Answer: True

Question: Expensive houses and new cars are a true indication of wealth.

Answer: False