EverFi Questions and Answers Already Passed

EverFi Questions and Answers Already Passed Decision making Considering different information to make a choice Privacy Keeping important information to yourself or between yourself and close family members Financial literacy The knowledge and skills to manage money Financial institution a place, like a bank, that helps its members manage their money Financial advisor a person who is a professional at handling money and can give you information and advice about saving and investing Short-term goal a goal that can be achieved in a short amount of time. It can be a few days, weeks, or months Long-term goal a goal that can be achieved in a longer amount of time. It can be months, years or even an entire lifetime Want something you'd like to have but will be okay without Need something you truly can't live without Opportunity cost the cost you pay when you give up something to get something else Inflation the price of goods and services rises over time Income money earned from working and other means Salary payment for work, expressed as a yearly sum and paid in portions every week, two weeks or month including sick time and vacation time Wage payment for work, usually calculated on an hourly, daily, or piecework basis and paid on schedule-usually every week, two weeks or month Taxes fees placed on income, purchases, or property to support government programs Sales tax a fee added to the sticker price of an item that is paid to the state or city Income tax annual tax placed on the money employees make at jobs and collected by the federal government, most states and some local governments Job work you do for money Career something you build by going to school and working jobs related to the career you want Entrepreneur a person who starts his or her own business Assets what a person owns of value, such as jewelry, savings, art, a home, and a car Spend to use money to buy stuff Impulse buying buying stuff without thinking about whether or not you need it Comparison shopping finding out whether or not what you're about to buy can be found for a better price or in better shape at a different store Peer pressure doing stuff just because your friends are doing it, or because your friends told you to, because you want your friends to like you and think you are cool Bank a place where people put their money for safekeeping, and for east of use Credit union just like a bank, only its members own it Brokerage firm helps people invest their money Payment method what you use to pay for something, like cash or a check Charity giving resources or volunteering time to help those in need Expense the cost of goods and services Budget a spending plan people make in order to make sure there is enough income to cover all expenses Credit a loan that a person uses to pay for things, but they must pay back Interest the extra fee used for borrowing money, or the cost of borrowing money Reliability being trustworthy and responsible