stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
INSET Financial Literacy Flashcards | StudBud
Explore
/
INSET Financial Literacy
INSET Financial Literacy
15 terms
·
StudBud Administration
·
22 plays
Imported from external platform
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
A person who has enough income to cover basic expenses and debts but has no savings is in which financial freedom stage?
Solvency
Security
Stability
Dependence
2
Having financial goals is crucial to moving up the stages of financial freedom.
False
True
3
In which stage can a teacher
donate large amounts to charity
and still live comfortably?
Solvency
Stability
Abundance
) Dependence
4
Experts recommend saving at least what percentage of your monthly income?
20%
5%
50%
10%
5
A teacher who
saves a portion of their salary monthly and avoids debt
is in which stage?
Solvency
Abundance
Security
Stability
6
A financially
secure
teacher can:
Retire early without savings
Cover essential expenses using passive income
Afford a luxurious vacation every month
Live comfortably without working
7
What is a credit score used for?
Paying bills
Measuring bank balance
Calculating salary
Determining loan eligibility
8
A teacher who has no financial plan but is earning well is financially stable.
True
False
9
A teacher who
saves a portion of their salary monthly and avoids debt
is in which stage?
Abundance
Security
Stability
Solvency
10
Borrowing money to cover monthly expenses means a person is still financially dependent.
True
False
11
When a person has enough savings and insurance to protect themselves from financial setbacks, they are in which stage?
Security
Financial Security
Independence
Financial Security
12
What is the primary purpose of a budget?
To apply for loans
To avoid paying taxes
To track income and expenses
To spend money freely
13
At which stage does a person have enough wealth to afford a comfortable lifestyle while pursuing their passions?
Abundance
Stability
Solvency
Freedom
14
A teacher who can now pay their bills on time but has no savings is in which financial stage?
Security
Dependence
Stability
Solvency
15
Which financial stage allows a person to live comfortably on passive income, such as investments, without working?
Abundance
Freedom
Independence
Solvency
