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Personal Financial Literacy Chapter 1 Flashcards | StudBud
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Personal Financial Literacy Chapter 1
Personal Financial Literacy Chapter 1
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Personal Finance How Your Choices Affect Income
Flashcards
28 cards
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Practice quiz
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Questions
28
Answers
1
What is opportunity cost?
The opportunity of the cost
The cost of the opportunity
Spending all of your money
Choosing to spend your money on one thing over another
2
Which of the following statement about financial advice on the Internet is true...
Internet prevents unethical finan advisors from posting info
If it is posted on the Internet, it is reliable information
There are valuable sources of info. to use for fin. planning
If the company sells financial products, it is reliable info
3
If I go shopping and want to buy $50 jeans but they are on sale for 30% off, how much do the jeans cost?
$15.00
$20.00
$49.70
$35.00
4
The
best
definition of personal financial planning is:
Decisions on your spending, borrowing, saving and investing
Comparison between cost of education & your projected income
Schedule established by a financial advisor to pay a debt
Determining how much house you can afford based on income
5
Joe traveled 412 miles and used 15 gallons of gas. How many miles per gallon did he get?
26 MPG
28 MPG
6,180 MPG
27 MPG
6
Arranging to spend, save, invest money to live comfortably, have financial security
working hard
personal financial planning
being smart
income
7
Things that you want to accomplish
mission
value
goals
sleep
8
Which age group files the most bankruptcies?
35-44
55-65
18-34
45-54
9
Gas is expected to increase 35%. It costs $2.15 now, how much will it be when it goes up?
2.90
.75
3.15
2.50
10
Mrs. Carroll's dog's name is?
Lillie
Pebbles
Abby
Zoey
11
On LetGo I sold a dart board for $10, 3 shirts for $5 each, & 5 coins for $4 each. I made?
$45
$25
$29
$35
12
When a person decides to use the services of a certified financial planner, the person will....
Check in regularly with planner to review investment
Need to make all the investments with the same planner
No longer need to check on how her money is invested
Make a profit on the money invested by the finanial planner
13
John wants to buy a new car that costs $25,000. If his state charges him 6% sales tax, how much tax will he be paying?
None of these answers are correct
$1,500
$15,000
$26,500
14
A person decides to bike rather than drive. The opportunity cost related to this decision is:
The time that might be saved by driving the car
The exercise that riding the bike provides
The shorter route from home to school that the bike can take
Money that is saved by not buying as much gas for the car
15
The ability to easily convert financial assets into cash without loss in value
lucky
spending
fast money
liquidity
16
Money in an emergency fund should be used to pay for:
Large expenses such as a house or college education
Expenses when a person loses a job or can't work when ill
Long-term investments such as stocks
Items that go on sale
17
If I drove 57,800 miles, and my car gets 22 MPG, how many gallons of gas did my car use?
2,627 Gallons
I need to study!!! (HINT:This is not the correct answer)
2,890 Gallons
1,271,600 Gallons
18
I will remember to study the problems on Worksheet 12/14 that we did in class??
True
False
19
Which is a true statement about Americans saving for retirement.
Average American saves 12% of annual income for retirement
Less than half of Americans have a retirement account
We don't need to save for retirement because we have SocSec
We save more money than we need for retirement
20
If a coat is on sale for 60% off and the original price is $90, it will cost me $54?
True
False
21
I didn't go to work for 6 hours (I make $8/hr) & spent $45 at Knoebels . What is my opp cost?
$48
$93
$45
$3
22
Riley got a 10% raise. He was currently making $9/hour. How much is he making now?
Too much for the work he does!!
$9.90
$9.10
.90
23
If I drive an average of 12,500 miles per year, how many miles will my car have in 7 years?
87,500
12,500
84,500
80,500
24
What is bankruptcy?
The government takes control over some finances of a person
Court says you no longer owe anyone any money
Legal process when court takes over some finances of person
The bank takes control over some finances of a person
25
I have $1,000. If I sell my bike for $100, buy a new one for $350. How much do I have left?
$650
$750
$1,100
$1,000
26
Trade-off; what is given up when making one choice instead of another
opportunity cost
values
income
loss of income
27
It is said that the level of savings in the United States is negative. This means:
People think poorly about their money.
People save more than they make.
People live paycheck to paycheck.
People spend more than they make.
28
Adam saved $3,500 to buy a car but forgot about the 6% sales tax. How much more $ does he need?
$3,500
$3,710
$3,290
$210
