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Financial Literacy Review Flashcards | StudBud
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Financial Literacy Review
Financial Literacy Review
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40 cards
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Questions
40
Answers
1
What information goes in line #3?
A signature
A note
A dollar amount
2
If you are more likely to receive a loan from the bank if you make payments on time
True
False
3
Which of the following demonstrates free enterprise for a business?
Alyssa has to pay taxes to the government when she gets paid
Kortnie decides to have a sale at her pizza shop every Friday
Paul is buying double bubble with money he got for his birthday
Jake saves his money in a savings account
4
What information goes in box #14?
Amount written out
Balance
Name of person writing check
5
What information goes in line #6?
The Numerical amount
A Signature
Money in
6
What information goes in box #12?
Numerical amount
Balance
Money out
7
What does it mean to have a
bounced
check?
Your check can be used by multiple people
You didn't have enough money in your checking account for the check
You didn't have enough money in your savings account for the check
You are using a check that expired
8
Which best describes
circular flow of the economy
?
The flow between business and resources in a community
Only the exchange of services between people and goods
A chart of 5 dollar bills flowing in a circular motion
The exchange of money, resources, goods, and services in a community
9
Who endorses a paycheck?
Person who receives it
The bank
Person who writes it
The credit card company
10
The amount left over from your paycheck after taxes and deductions is called
Transaction
Balance
Gross balance
Netpay
11
A safe deposit box provides bank customers a safe place to store important items of value like jewelry and documents
False
True
12
When going to the bank with a check you want to deposit you must do all of the following EXCEPT
Fill out a deposit slip
Sign the deposit slip if you are taking out money from your check
Provide the bank with the type of job you have
Provide the bank with your account number
13
What information goes in box #11?
Signature
Balance
Where money went
14
Coming to work on time, planning out goals for the work day, and accomplishing them in a timely manner is an example of
Knowledge of the product
Ability to handle surprises
Clear communication
Time Management
15
What information goes in line #4?
A signature
The check number
Amount written out in words
16
A person can only send a personal check to others and not receive them from anyone
True
False
17
Which type of payment does NOT affect your checking account right after a transaction has been made?
Check
Debit Card
Taking Money out of ATM
Credit Card
18
A discussion usually face to face to determine whether an applicant is suitable for a job is known as a...
Job application
Resume
Soft skill
Job interview
19
If you spend more money than is in your account your bank will charge you an...
Overdraft fee
Loan
Withdrawal
Interest
20
Direct Deposit allows paychecks to be directly sent to your account without going to the bank
True
False
21
Which of the following are financial institutions
Bank, Credit Union
Library, Museum
22
The Manalapan police are an example of a public good or service
False
True
23
The use of someone's private information usually to make money is known as
Identity Crisis
Identify Theft
Robbery
Identify the Criminal
24
What information goes in line #2?
A note to remind you what the amount is for
Who check is going to
The dollar amount
25
Most people use their credit card when taking money out of an ATM
True
False
26
What information goes in line #5?
The check number
A note to remind you what the check was for
A signature
27
Which is TRUE of public goods and services?
They are shared by only people who own homes
Paid for by taxes
Paid for by businesses
Only given to the poor
28
What information goes in line #1?
Name of person receiving check
Name of person writing check
Bank
29
If the demand for milk is high and cows are scarce the price of milk would be what?
No store would sell bacon anymore
Lower than normal
The same as always
Higher than normal
30
Businesses usually do not make a profit when they first begin
True
False
31
Which of the following is an example of
human resources
?
Fiona makes lemonade using water and sugar
Jared buys a Met towel for his lifeguarding job at the beach
Brooke hires Chloe to work at her garage sale
Cole buys cartons for the milk he is selling
32
People who buy and use goods and services are _____ and people who create or supply goods or services are ______.
Producers, Consumers
Consumers, Producers
Entrepreneurs, Consumers
Entrepreneurs, Producers
33
What information goes in box #10?
Where money went
Check number
Money out
34
A type of payment that is purchased in a specific monetary value used like cash to purchase goods in a SPECIFIC store...
Gift Card
Credit Card
Prepaid Card
Debit Card
35
A ______ is a person who works for a ______.
Producer, Consumer
Employer, Employee
Consumer, Producer
Employee, Employer
36
What is the machine called that is used for making quick withdrawals and deposits?
ATM automated transfer money
ATM automatic transaction machine
ATM automatic transfer machine
ATM automated teller machine
37
What information goes in box #13?
Name of person writing check
Money in
Check number
38
What is a way of persuading people to want to buy a business's good or service?
Revenue
Advertising
Check Register
Business Costs
39
Which of the following is FALSE about a savings account?
Savings accounts are usually not used on a daily basis
Savings accounts help people save for larger purchases
Savings accounts can earn interest
Savings accounts are the main reason you can take out a loan from the bank
40
Which of the following would NOT be a place your
tax money
goes
Public Park
Manalapan Police
Route 9
Your house
