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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Financial Literacy questions for review.
Flashcards
48 cards
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Questions
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1
When looking for a house, what should you consider?
Schools
All of the above
Price
Neighborhood
2
Interest rates on credit cards
Depend on age and income
Vary depending on credit score and age and income
Are the same for everyone
Are the same regardless of age or income
3
Which of the following are ways to protect yourself from identity theft?
Protect your pin
Change passwords frequently
All of the above
Destroy all password sensitive material
4
A plan for managing income, spending and saving is called...
Budget
Account balance
Investment
Credit Account
5
Why would people want to invest in the stock market?
To help a company go bankrupt
To lose money
To gamble
To make money
6
When it comes to paying for college, the most beneficial option to help pay for it is...
A grant or scholarship
A federal student loan
A private bank loan
Sign up for a work study program
7
Having a good credit score helps you get a job and save money on large purchases.
True
False
8
Which is an example of a fixed expense?
Gasoline
House Payment
Clothing
Eating out
9
Which one of the following should you NOT put down as a job reference?
Club Leaders
Family members
Teachers
Coaches
10
Spending on clothing is what kind of expense?
Variable Expense
Investment Expense
Production Expense
Fixed Expense
11
Savings gives you immediate access to your money and is less risk than investing.
False
True
12
What would be the best way to make a decision?
Ask a friend
Weigh the pros and cons
Make a chart showing all of your options
All of the above
13
Why would someone's take home pay be less than what was discussed at hiring?
The pay is less because they are a student
Taxes, social security and medicare are being deducted
The company is downsizing and decided to pay less
They were charged a payroll fee
14
When signing a lease to rent an apartment, it is important to do what?
Read carefully and sign even if you don't understand it.
Read carefully and only sign when you understand it.
Read and sign it even though you do not agree with it .
Review and sign quickly
15
When a bank pays someone to save money it is called
Opportunity Cost
Trade-off
Service
Interest
16
What is the best action to take to balance your budget?
Get more credit cards
Pay more taxes
Reduce expenses
Increase expenses
17
Which one of the following is inappropriate during a job interview?
Answer your cell phone
Dress according to job
Be confident
Thank the interviewer
18
What is unemployment?
A stay at home mom or dad
A person without a job but is looking for one.
A retired person
A person not physically capable of working
19
Jobs usually pay a higher salary when...
An ad has been placed online.
More education or skills are required
They have a job title
People must be interviewed
20
What determines the number of jobs, goods and services available?
Taxes
Ancestors
Government
Supply and Demand
21
Retirement income that you pay into at work and is controlled privately is called
CD
401K
Social Security
Roth IRA
22
What is an advantage to buying a house?
Lack of ability to make decorating changes
Increased responsibility for maintenance.
Limited expenses for maintenance
Multiple options for size and location
23
Which of the following could you use to buy something now and pay for it later?
Debit Card
Credit Card
Check
Cash
24
To qualify for financial aid for college you must submit your ACT score.
True
False
25
Federal and state income tax returns are due every year on
December 31
January 31
July 15
April 15
26
Blake is financing a new car. The principal of the car is the cost of the car, minus any down payment
False
True
27
One way to save money at the grocery store is to compare unit price of the items.
False
True
28
The knowledge, skills and talent that people use to do their work is called.
Financial Capital
Capital Resources
Natural Resources
Human Capital
29
The primary purpose of taxes is to
Take money from one group to give to another
Provide goods and services that we cannot afford ourselves
Allow people to have free goods/services
Provide services that improve the quality of life
30
All of the following are benefits to using online/mobile banking except
You can check your balances before you make a purchase
Onliine banking is the only way to make online purchases
You can keep ongoing record of your transactions
You can transfer money electronically between accounts
31
If your house catches fire, which insurance type will cover the damages?
Life
Homeowners
Long term disability
Auto
32
Scarcity is defined as
Having more than you need
Trading one item for another
The ability to scare someone
Lacking a resource
33
If a person is unbanked, their only option is mobile banking.
False
True
34
You have a fire at your house, what type of insurance would cover the damage to your car that was in the attached garage
Car Insurance
Homeowners Insurance
Long Term Care Insurance
Disability Insurance
35
P2P payments are convenient, but what is one thing you should NOT do?
Set up a pin for protection
Send money to a person you do not know
Be careful for what you are paying for
Make sure you are sending money to the correct person
36
What is the name of the fee the bank charges you when you borrow money?
Interest
Withdrawal
Payment
Deposit
37
Which type of lender offers loans to high risk customers with extremely high fees?
Home equity banks
Credit Unions
Payday loan company
Credit Card Advance
38
The payment people receive for the work they do is called...
Interest
Wages
Savings
Profit
39
What are the 3 major groups in the Circular Flow of Money?
National, state and local governments
Auto industry, consumers, government
Households, marketplace, government
President, Congress and Supreme Court
40
Sam earned $3000. He spent $2000. He put $1000 in the bank. This amount is called?
Credit
Profit
Budget
Saving
41
Taking money out of your bank account is called...
Withdrawal
Deposit
Interest
Payment
42
Before you buy something using a check, what should you know about your account?
If you have tax on your account.
The PIN for your account
The interest rate of your account
If you have money in your account
43
What are the name of the charges from the bank when you don't have enough money in your account?
ATM Fees
Minimum deposit fees
Maximum deposit fee
Over-draft fees
44
What is net pay?
Amount of money left after all deductions have been taken.
The total amount of money earned before pay deductions.
The length of time an employee's wages are calculated
The amount of pay earned from doing additional work
45
One way to improve human capital is by...
Saving money
Go shopping
Attending school
Building a factory
46
What should you do on a job application?
All of the above
List references
Appropriate grammar
Blue or Black Pen
47
Sam works at EES, Wyatt works at Walmart, Bobby volunteers at Red Cross. Who is earning income
Sam and Bobby only
Sam, Wyatt and Bobby
Sam and Wyatt only
Bobby and Wyatt only
48
Colton has $100 in his checking account. He writes a check to Netflix for $10. How much is left in his account?
$95
$110
$80
$90
