Question

Which skill is part of financial literacy?

O A. Comparing microeconomics to macroeconomics
O B. Understanding the value of retirement savings
O C. Differentiating imports from exports
O D. Calculating the national deficit

Answer 1

Answer: B. Understanding the value of retirement savings

Explanation: Some of the basics of financial literacy and its practical application in everyday life include banking, budgeting, handling debt and credit, and investing.

According to the Financial Literacy and Education Commission, there are five key components of financial literacy: earn, spend, save and invest, borrow, and protect.