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Financial Literacy "What Do you Know" Flashcards | StudBud
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Financial Literacy "What Do you Know"
Financial Literacy "What Do you Know"
60 terms
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StudBud Administration
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Just for fun let's see what you ALREADY KNOW about Personal FInance!
Flashcards
60 cards
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Practice quiz
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Questions
60
Answers
1
simple interest =
principal ÷ interest x years
principal x rate x time
deposit x rate x time
deposit ÷ interest x time
2
What is a Credit Card?
Plastic card
A card that lets you buy items now and pay for them later
A card that lets you buy items
A card that lets you buy items now and pay for them now
3
What is an example of a short term savings goal?
A car
A trip to Disneyland
A house
A new video game
4
What is compound interest?
a decrease in interest rate
interest on interest
interest on asset
the liquidity of interest
5
Why is it important to have a good FICO score?
Fico scores help you determine your net worth
The IRS will give you money
The government won't tax you
It will allow you to buy cars and houses at a cheaper interest rate
6
How can you improve your FICO credit score?
Don't pay on time
Never miss a payment
Only have one credit card
Open a card by yourself
7
The more money you make, the lower your tax bracket
True
False
8
At which type of school can you pursue a specific major?
Technical college
junior college
University/Four-year college
Trade school
9
What does the Stock Market measure?
Amount of dividends given back to investors
How much a company is worth
Lemonade sales
How much people believe a company to be worth
10
What is a FICO score?
Score used to rate successful football players
Your graduation High School score
Your credit rating score
Your social media following score
11
What is technical school for?
Getting a highschool diploma
Specialized studies
Post-graduate education
12
To make this class not boring I need to...
"buy in" to what Ms. Tolman is saying
understand that I am almost an adult
set personal money goals
All of the above
13
An example of discretionary spending is
Insurance
Rent
Food
New Jordans (shoes)
14
A mortgage is...?
A loan that helps you purchase textbooks for college.
A type of loan you can use to buy a car.
A type of loan you can use to purchase a home.
15
What is income?
Money you spend
Money you earn or receive
Using your money to make more money
A small amount of money the bank gives for keeping an account
16
The goal of your budget should be...
To treat yourself
To have your expenses be greater to your income
To have your income be greater than your expenses
To spend all you want all the time
17
2 year college degree from a community college, university, college, or technical school
Career & Technical Education (CTE)
Associate’s Degree
Bachelor's Degree
Graduate Degree
18
Which of the following cannot be done with a debit card but can be done with a credit card?
Rent a car
Purchase something online
Purchase an airline ticket
Go into debt
19
The net salary on a payslip is
The amount of tax taken out
All the money the employee has earnt for the year
The amount paid into the employees bank account
20
What is one example of a Retail Credit Card?
Triangle Mastercard
HBC MasterCard
Amazon.com Store Card
Walmart Rewards MasterCard
21
How do you find your net worth?
assets ÷ liabilities
assets - liability
assets × liabilities
assets + liability
22
Who needs life insurance?
Yourself
Everyone
People who claim people as dependents
23
The best advice for managing your credit card debt is to:
File for bankruptcy
Cease all payments and hide from your creditors
Make only the minimum monthly payments
Pay off the highest interest debts first
24
The educational requirement/s to join the Military...
123456
No requirements needed
High School Diploma
GED
25
The GI Bill was introduced to
aid veterans with partaking in the babyboom
aid veterans with college education and home owning
aid veterans with PTSD
aid veterans with job opportunities
26
A Roth IRA
all of the above
utilizes post-tax dollars but the withdrawals are not taxed
has limited eligibility based on income
allows owners early withdrawals without penalty
27
What does a spending plan plan for?
Tax Evasion
Now
The Future
The Past
28
What is the formula for compound interest?
A = P ( 1+ r/n )^nt
A = Pe^rt
A = P( 1-r/n )^nt
A = P( 1 + r )^nt
29
What is debt?
The amount of money that you owe.
The minimum amount of money you have to pay.
The maximum amount of money you can spend on that card.
The amount of money that you have spent in that cycle.
30
What Does Auto Insurance Cover?
Food, groceries, and snacks
Car damage, injuries, and liability
Car prices, gasoline prices, and tire prices
Hot Wheel car prices
31
The GI Bill...
Made Communism Illegal
Provided for Veterans financially
Integrated the military racially
Helped convert private businesses to produce commercial goods again
32
What is a variable expense
It is a cost that changes due to production
Something you need
A cost that you don't need to spend
Its a cost that never changes
33
What does flood insurance cover?
Property that belongs outside
Personal property: clothing, furniture, electronic equipment.
Heavy rains
Currency ,precious metals, and valuable papers such as stock certificates
34
IRA stands for
Intelligence Related Activity
Individual Retirement Account
Important Risk Analysis
Imminent Relative Assistance
35
What is budget?
An estimate of income and expenditure for a period of time
A checking account
A type of fish
A savings account
36
what does financial planning do
school
gives people more money to buy things
analyzes current and future costs, income to help
makes things cost less
37
What does Military do?
To go underwater
To deter war and to protect the Country.
To capture criminals, thieves, etc.
To kill terrorist
38
What is a scholarship?
Free money to help you pay for college
Whether you are tough enough for college
Your grades
Jobs that you get after college
39
an interest rate calculation on the principal plus the accumulated interest
compound interest
venture capital
sole proprietorship
bondholder
40
Federal Student Loan
Money from you mom and dad
Money from the government that you don't have to pay back
Money from the government that you have to pay back
Money from a student that is high rank
41
What is meant by impulse buying?
Buying something within your budget on something you need
Buying something you've saved up for a long time
Buying with out thinking
42
Simple Interest makes more money than Compound Interest
False
True
43
What is gross income
the money you earn before taxes are taken out
the money you earn after taxes are taken out
a plan for spending and saving your money
the taxes they take out
44
what is net income
the interest you earn
the money you earn before taxes
the money you earn after taxes are taken out
the money in my savings account
45
Life Insurance ___ your family
hurts
pays
offends
protects
46
Which one of these is an advantage of a credit card?
you earn free money
allows people to buy things with money they don't have
you don't have to pay it back
puts you in debt
47
Which of the following calculates your FICO score?
TransUnion
all of these
Experian
Equifax
48
How can a card holder avoid paying interest on a credit card?
pay the minimum payment after the due date
do not pay anything
pay the balance in full every month
pay the minimum balance every month
49
True or False: You will never have as much money as your parents
False
True
50
Having a good credit score
isn't all that important.
lets lenders know how likely you are to repay a loan.
gets you a discount at the grocery store.
makes your family proud.
51
Define Comparison Shopping.
Shopping during a specific time in-order to get interest on that item.
The process of buying beverages, such as soda.
The difference between the market value and the unpaid balance.
Comparing the prices and quality of different items to see the better item.
52
What's the highest FICO score?
750
800
25
850
53
What are Fixed Expenses?
Me have no money
Big Houses fixed in place
Irregular expenses that vary from month to month
Regular expenses that do not vary from month to month
54
Which of the following is a disadvantage to using a credit card?
You can keep records easily
If you get into debt you have to pay high rates of interest
You don't have to pay immediately
It allows you to spend in different currencies
55
Earnings on principal.
Interest
Loan
Credit Report
Principal
56
What are scholarship eligibility requirements?
ALL
GPA, workplace, volunteer experience
Academics, demographics, geography
Race, extracurricular participation, military service
57
IF YOUR NET WORTH IS 5 AND YOUR LIABILITIES ARE 3, WHAT IS YOUR ASSETS
2
3
5
8
58
What is opportunity cost?
The opportunity to go shopping.
What you pay for with a credit card.
What you give up when you make a choice.
The cost of a good or service.
59
Advantages of going to a technical school
Low score when comes to job competition
A degree from a technical school costs less
Do not earn high salaries
Make delicious cheese
60
What is a direct subsidized student loan?
Fed. Gov pays the interest rate while you study in college.
You pay the interest rate straight away.
You pay only the interest rate back.
You get money for free and don't have to pay it back.
