People who rely on you financially are called your _________________.

Enhance your financial literacy with the Canfield Personal Finance Exam. Test your knowledge with multiple choice questions designed to challenge your understanding of money management, budgeting, investing, and more. Prepare thoroughly to excel in your exam.

The term for individuals who rely on you financially is "dependents." Dependents are generally those who are financially supported by another person, often including children, spouses, or other family members who do not have sufficient income to support themselves. The financial support provided could include necessities like food, clothing, housing, education, and healthcare.

Beneficiaries, on the other hand, are individuals designated to receive benefits from a financial account, trust, or insurance policy upon the account holder's death or a specific event; they do not necessarily rely on someone for day-to-day financial needs. Death benefits refer to funds that are paid out upon the death of an individual and are typically associated with life insurance policies or similar financial products rather than direct financial support. While "family" can encompass dependents, it does not specifically denote the financial reliance aspect, as not all family members necessarily depend on each other financially. Thus, the most accurate term in this context is dependents, as it specifically addresses those individuals who rely on you for financial support.

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