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Financial Literacy-The Basics Flashcards | StudBud

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Financial Literacy-The Basics

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Questions 9

Answers

1
What does financial literacy involve?
smart spending
Saving
all of the above
Budgeting
2
When investing, you should..
Set investment goals, and be patient
Rush it all, as time is precious and you could waste money
3
Financial literacy can help you stockpile wealth
True
False
4
Wants and needs mean the same thing financially
False
True
5
How can you make money as a teen?
all of the above
Start up a buisness
Apply for a job at a company
Babysit, tutor, etc
6
What disadvantages can debt bring?
Creates financial setbacks
All of the above
Bad credit score
Can give you stress, anxiety or even depression
7
What is the difference between credit and debit?
Debit is a set amount of money, and credit is money you pay off later
Credit is a set amount of money, and debit is money you pay off later
8
What is the 50/30/20 budget rule?
50% needs, 30% savings, 20% wants
50% wants, 30% savings, 20% needs
50% savings, 30% needs, 20% wants
50% needs, 30% wants, 20% savings
9
What good things can arise from saving early?
You can save up money for future
your saved money can act as a cushion for accidents/financial surprises
Your money will grow so you can spend it all on things you want
Your saved money wont grow much overtime, but you will still earn plenty