What should you do if you’re not reaching your financial goals?

Re-evaluate and adjust the plan

A free application for federal student aid

What should be your first financial priority in a budget?

Savings and needs (like food, rent)

Work-study programs allow students to:

Work part-time to earn financial aid

Which goal is the most specific?

I want to save $500 for a laptop in 6 months

A plan for how to spend and save money

What is the first step in setting a financial goal?

Identifying what you want to achieve

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College & Life - Financial Literacy

20 termsStudBud Administration13 plays

A financial literacy review, including setting financial goals, budgets, credit/debit cards, and educational financial aid.

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Questions 20

Answers

1
What is a risk of using a credit card irresponsibly?
Better savings
More money
Lower interest
Debt and lower credit score
2
What should you do if you’re not reaching your financial goals?
Ignore your goal
Re-evaluate and adjust the plan
Give upon your goal
Spend more money
3
What is FAFSA?
A free application for federal student aid
A loan company
A scholarship
A job search site
4
Why is it important to track your expenses?
To stop paying taxes
To know how much you owe
To stay within your budget
To get in debt
5
What’s the benefit of having an emergency fund?
To buy gifts
To loan to friends
To go shopping
To pay for unexpected expenses
6
Saving $20 a week to buy a $100 video game is an example of:
A long-term goal
A financial mistake
A short-term goal
A vague goal
7
What should be your first financial priority in a budget?
Luxury items (electronics, jewelry)
Savings and needs (like food, rent)
Travel (cruses, flights)
Entertainment (games, movies, etc.)
8
Work-study programs allow students to:
Borrow more money
Avoid going to class
Work part-time to earn financial aid
Skip taking finals
9
A short-term financial goal typically takes how long to achieve?
Over 10 years
Less than 1 year
2-5 years
5-10 years
10
Which card helps build your credit score?
Library card
Debit card
Credit card
Gift card
11
Which goal is the most specific?
I want to have money
I want to be rich
I want to buy something
I want to save $500 for a laptop in 6 months
12
Which of the following is a fixed expense?
Rent
Movie tickets
Clothing
Grocery bill
13
What is a budget?
A plan for how to spend and save money
A type of credit card
A layout for a loan
A record of your debts
14
What is the first step in setting a financial goal?
Opening a bank account
Spending money
Identifying what you want to achieve
Creating a budget
15
Which is not a common source of financial aid?
Banks giving free money
Private organizations
Federal government
Colleges and universities
16
When should you apply for financial aid?
As early as possible
The year you want to attend a school
Anytime you want
After you graduate
17
Which card is safer for building credit history?
Debit
Credit
Prepaid
Gift card
18
Why might someone choose a debit card over a credit card?
To borrow more
To avoid interest
To improve credit
To earn rewards
19
Grants are:
Money for anyone
Free money based on need
Specified loans
Earned by working
20
A debit card takes money from:
Your bank account
A gift card
Your credit line
A loan

College & Life - Financial Literacy Flashcards | StudBud