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Financial Literacy for Teens Pre-test Flashcards | StudBud
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Financial Literacy for Teens Pre-test
Financial Literacy for Teens Pre-test
29 terms
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Financial Literacy for Teens Book
Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
If you make $40,000 per year, Uncle Sam is going to take how much from you for taxes?
$20,000 (50%)
$10,000 (25%)
$1,000 (2.5%)
$200 (0.5%)
2
If you pay your credit card bill on time (every time) you will be
short of cash each month
building a good credit record
losing the interest charged on your account
protecting the credit card company from risk
3
Which items below would depreciate if you owned it (them)?
boat
SUV
all the above
TV
4
A_______is a plan for how you will spend your money?
paycheck
credit card
budget
cash journal
5
Investing in different types of things is called
stuffing your empty pockets
a bad decision
diversifying your investments
dividing your income evenly
6
Health insurance is
more important for women than men
only for those with health conditions
unnecessary expense
a must buy item for your budget
7
Developing a financial lifestyle that fits the amount of money you will earn in your career is
a money management program
none of the above
lifestyle driven journey
a journey driven lifestyle
8
Sometimes the U.S. government is known affectionately by the nickname?
Aunt Sally
Uncle Sam
Uncle Fred
Cousin Kathy
9
One major problem with using credit cards is that people
use instead of debit card
forget to use them
buy things they can not afford
lose them
10
One common denominator of most financially successful people is that they
started a business
quit school before 18
always have $500 in their pocket
worked part-time when a teenager
11
An average career will last approximately how many hours if you work for 43 years?
86,000 hours
1million hours
860 hours
8,600 hours
12
Health insurance program that is funded by some of your taxes & run by the federal government
Medicare
State Tax
Unemployment Tax
FICA
13
You should choose a career based on...
What you like to do and have a passion for.
What your friends tell you to do.
How much money you want to make.
What will make your parents happy.
14
People who do not understand the difference between _&_usually struggle with financial problems
taxes and insurance
nickels and dimes
needs and wants
food and shelter
15
What are the four main things you have to pay for every month when having a car?
Gas, insurance, credit cards, and oil changes
Car payment, gas, maintenance/repairs, and tires
Insurance, maintenance/repairs, car payment, and car washes
Car payment, insurance, gas, and maintenance/repairs
16
Which of the following is a true statement about credit cards?
You should never get a credit card
Paying the minimum balance only is a good idea.
Using a credit card responsibly will build good credit.
If you get a credit card, you will go into debt.
17
When items such as a house or land become more valuable over time, they are said to
appropriate
appreciate
negotiate
depreciate
18
Chain mail involving money is
sometimes legal
partly ethical
legal if 21 yrs of age
completely illegal
19
The average Social Security payment a person receives today per month is
more than average pay
over $2,000
less than $1,000
more than enough to cover monthly bills
20
What is the most important reason to invest?
To help other businesses
So you have money to live off of when you retire
So you can buy a new car
To get rich quick
21
You will likely earn over how much money before you retire?
Five billion dollars
Fifty thousand dollars
One-hundred thousand dollars
One million dollars
22
The money you make at your job day after day, week after week, is called
unearned income
limited income
disposable income
earned income
23
When paying taxes in the U.S., the more money you make, ____________________.
the more taxes you pay
doesn't matter, everyone pays the same taxes
the fewer taxes you pay
the more you hate paying taxes
24
What are the two main reasons to save money?
So you can invest it and donate it
To pay off your credit cards and for major purchases
For emergencies and to buy everything you want
For emergencies and major purchases
25
Credit Card debt and ____are the two most common causes of financial disasters for young people
computer viruses
food cost
debit card debt
automobile cost
26
How can you make money while you sleep?
Put your money under your pillow for the tooth fairy
Invest your money
Donate your money
Dream about money
27
If you can't afford renter's insurance, you
can't afford the place you want to rent
shop around for another type insurance
need to charge it
need to take out a loan
28
A large retail corporation, Wal-Mart, which is very successful today, was started by
Donald Trump
Bill Gates
Sam Walton
Martha Stewart
29
You won't be able to move out if you have...
Too many friends
Pets
Bad credit
Protective parents