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Financial Literacy for Teens Review Flashcards | StudBud
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Financial Literacy for Teens Review
Financial Literacy for Teens Review
25 terms
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1,175 plays
#personal finance, #chad foster, #financial literacy for teens
Flashcards
25 cards
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Questions
25
Answers
1
If you think someone is trying to scam you on the Internet, you should contact the ___________.
IOC
FTC
FDA
DEA
2
If you borrow $20,000 for 5 yrs at 12% interest, how much will you pay over that 5 year period.
$40,750
$26,700
$20,400
$31,200
3
How long does it take most lottery winners to go broke?
18 months
10 years
2 days
5 years
4
What percentage of millionaires choose to buy used cars rather than new cars?
40%
20%
10%
23%
5
The federal Social Security payment a person receives per month is _____.
Enough to cover 75% of there bills
Less than $1000
$1,280
28% of their monthly expenses
6
If your car is worth less than you owe on your loan anytime during the loan, you are said to be
upside down on your loan
backside down on your loan
inside out on your loan
bottom loaded on your head
7
An average career will last approximately how many hours of work-life over 40 years?
8,600 hours
18,000 hours
32,000 hours
86,000 hours
8
When items such as a house or land become more valuable, this is called _ an increase in value.
appreciation
depreciation
appropriation
deprecation
9
The money you make at your job day after day, week after week, is called _______.
earned income
limited income
disposable income
unearned income
10
There are 3 buckets that your taxes go in: income taxes, Social Security taxes, and __ taxes.
Military
OASDI
FICA
Medicare
11
FICA is deducted from your paycheck before you get it. FICA stands for
First Interest Capitalization Association
Federal Institute of Capital Appreciation
Federal Interest Collection Act
Federal Insurance Contribution Act
12
Investing in different types of things is called ____________________.
saving
budgeting
diversifying
managing
13
A health insurance program that is funded by your taxes and run by the government is known as
Medicare
Fed insurance
Allstate
State Farm
14
Wal-Mart, which is a very successful corporation, was started by ____.
Bob Walters
Wally Amos
Walt Martin
Sam Walton
15
What is a good resource to consult when buying a new or used car?
Wither's Car Guide
Bobs Big Book
Brokers Auto Source
Kelley Blue Book
16
Money management can also be called _.
FIRM
diversifying
budgeting
withholdings
17
Which items would depreciate if you owned it (them)?
a bike
all of the above
a car
a television
18
How long to pay off a $1,000 credit card if your interest is 18% and you pay '
minimum payment'
?
30 Years
10 Years
20 Years
8 Years
19
Developing a financial lifestyle that fits the money you will earn in your career is called __.
journey-driven lifestyle
money management program
none of the above
lifestyle-driven journey
20
Taxes taken out of your check is called _.
withdrawls
diversifying
budgeting
withholdings
21
What percentage of bankruptcies are filed as a result of medical bills?
35%
20%
9%
40%
22
FTC stands for _____________________.
First Time Consumer
Federal Termination Company
Federal Trade Commission
Financial Trade Corporation
23
FIRM stands for fuel, insurance, repairs, and maintenance.
True
False
24
Teenagers in America spend approximately ____ total dollars every year.
$100 Billion
$220 Billion
$750 Million
$175 Billion
25
What is the number one common denominator of financially successful people?
rich parents
straight A's in high school
worked part-time as a teen
a college degree
