stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Financial Literacy Overview Flashcards | StudBud
Explore
/
Financial Literacy Overview
Financial Literacy Overview
30 terms
·
StudBud Administration
·
71 plays
Financial Literacy questions for review.
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
The primary purpose of taxes is to
Provide goods and services that we cannot afford ourselves
Take money from one group to give to another
Provide services that improve the quality of life
Allow people to have free goods/services
2
What is unemployment?
A retired person
A stay at home mom or dad
A person not physically capable of working
A person without a job but is looking for one.
3
When signing a lease to rent an apartment, it is important to do what?
Review and sign quickly
Read and sign it even though you do not agree with it .
Read carefully and only sign when you understand it.
Read carefully and sign even if you don't understand it.
4
Interest rates on credit cards
Vary depending on credit scores and payment history
Are the same regardless of which company issues the card
Are the same for everyone
Vary based on age and income
5
Sam earned $3000. He spent $2000. He put $1000 in the bank. This amount is called?
Profit
Budget
Credit
Savings
6
Having a good credit score helps you get a job and save money on large purchases.
True
False
7
Before you buy something using a check, what should you know about your account?
The PIN for your account
The interest rate of your account
If you have tax on your account.
If you have money in your account
8
Taking money out of your bank account is called...
Deposit
Withdrawal
Payment
Interest
9
The circular flow of money in our society is between
Government and Marketplace
Government, Households and Marketplace
Marketplace and Households
Households, Government and other countries
10
Which one of the following is inappropriate during a job interview?
Thank the interviewer
Be confident
Dress according to job
Answer your cell phone
11
Colton has $100 in his checking account. He writes a check to Netflix for $10. How much is left in his account?
$110
$90
$95
$80
12
Interest rates on credit cards
Vary depending on credit score and age and income
Are the same regardless of age or income
Are the same for everyone
Depend on age and income
13
When looking for a house, what should you consider?
Price
Neighborhood
All of the above
Schools
14
Spending on clothing is what kind of expense?
Variable Expense
Production Expense
Fixed Expense
Investment Expense
15
When a bank pays someone to save money it is called
Opportunity Cost
Service
Trade-off
Interest
16
What is the best action to take to balance your budget?
Reduce expenses
Get more credit cards
Pay more taxes
Increase expenses
17
Haley can either work at Taco Bell or Skyline. If Haley picks Skyline, Taco Bell is her...
Opportunity Cost
Incentive
Interest
Deposit
18
A plan for managing income, spending, and saving is called...
Budget
Account balance
Investment
Credit Account
19
Which of the following could you use to buy something now and pay for it later?
Credit Card
Check
Debit Card
Cash
20
The knowledge, skills and talent that people use to do their work is called.
Human Capital
Financial Capital
Natural Resources
Capital Resources
21
The payment people receive for the work they do is called...
Savings
Wages
Profit
Interest
22
What should you do on a job application?
Blue or Black Pen
List references
All of the above
Appropriate grammar
23
What is net pay?
The amount of pay earned from doing additional work
The length of time an employee's wages are calculated
Amount of money left after all deductions have been taken.
The total amount of money earned before pay deductions.
24
Which is an example of a fixed expense?
Eating out
Gasoline
Clothing
House Payment
25
We cannot have everything we want because of
needs
opportunity cost
wants
scarcity
26
One way to save money at the grocery store is to compare unit price of the items.
False
True
27
What is the name of the fee the bank charges you when you borrow money?
Interest
Payment
Deposit
Withdrawal
28
Why would people want to invest in the stock market?
To gamble
To lose money
To help a company go bankrupt
To make money
29
Opportunity Cost can be described as
Paying less for an item
An exchange of one thing for another
Paying more for an item
The item you gave up to purchase something else
30
You have a fire at your house, which type of insurance would you need to cover the damage?
Car Insurance
Disability Insurance
Long Term Care Insurance
Homeowners Insurance
