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Financial Literacy-NYE Flashcards | StudBud
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Financial Literacy-NYE
Financial Literacy-NYE
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Questions
30
Answers
1
What is the most likely reason for a budget to fail?
Buying a pair of shoes you just couldn't resist.
Not making enough money.
Not using a personal financial planning website or software.
Failing to establish an emergency fund to account for unforeseen expenses.
2
If I have just started working, the first thing I should do is...
Set aside money for a dream vacation
Start a savings account
Build an emergency fund account
Shop for office clothes
3
Which item below would certainly depreciate if you owned it?
A house
Gold
A car
All of the above
4
Developing a financial lifestyle that fits the amount of money you will earn in your career is called
A money management program
A lifestyle driven journey
None of the above
A journey driven lifestyle
5
Sometimes the U.S. government is known affectionately by the nickname?
Aunt Sally
Uncle Sam
Cousin Kathy
Uncle Fred
6
The average Social Security payment a person receives today per month is
More than enough to cover a person's monthly bills.
Over $5,000.
Less than $1,000
More money than the person use to earn each month when they were working
7
One common denominator of most financially successful people is that they?
Quit school before they were 18.
Started a business early in life
Worked part-time when they were teenagers.
Always keep $500 in their pocket
8
Doing a budget does not:
Make your money go further
Remove guilt and shame sometimes associated with a purchase
Make overspending more likely
Show if you are overspending in an area
9
What percent of your paycheck should go towards your savings?
20%
15%
10%
5%
10
What are the two main reasons to save money?
To pay off your credit cards and for major purchases
For rainy days and major purchases
For rainy days and to buy all the things you want
So you can invest it and donate it
11
You have to eat so you need to buy groceries. This is a(n) ___________ expense.
VARIABLE
DISCRETIONARY
INTERMITTENT
FIXED
12
Which of the following is a consequence of overdrawing your checking account?
Bounced check fee from the store
Overdraft fee from your bank
Stress from money mismanagement
All of the above
13
When paying taxes in the U.S., the more money you make...
Doesn't make a difference because everyone pays the same amount in taxes.
The fewer taxes you pay.
The more you hate paying taxes.
The more taxes you pay
14
Credit card debt and what are the two most common causes of financial disasters for young people in the U.S.
Stingy parents
Computer viruses
Food costs
Automobile costs
15
It's a bad idea to start investing when you are real young.
False
True
16
What are three main things you have to pay for every month when having a car?
Gas, insurance, and oil changes
Car payment, gas, and insurance
Car payment, gas, and tires
Insurance, car payment, and car washes
17
Credit Score is...
Similar to interest
An imaginary credit card
A score given by banks based on their financial activities.
Your score on an online quiz.
18
An expense that only occurs because you are choosing to spend money like eating out or buying clothes is a..
INTERMITTENT
DISCRETIONARY
FIXED
VARBIABLE
19
Saving is the same as investing.
False
True
20
Percentage of Americans living paycheck to paycheck?
40
40
25
63
21
What is budgeting?
The ability to pay your bills on time.
A plan made in advance FOR expenditure of money based on available income.
Having money left over at the end of the month.
Having enough money to go out to eat.
22
An item that is bought without previous planning or consideration of the long-term effects
Discount
Impulse Purchase
Sale item
23
There is no penalty if I pay my credit card balance after the due date.
True
False
24
One major problem with using credit cards is that people...
Lose them a lot.
Buy things they can't afford
Have to pay to use them
Forget to use them
25
The BEST way to manage credit card debt is...
To not pay every month but pay lump sum using a bonus
To take up a personal bank loan to pay the credit card debt in full
To consistently pay a small part of the amount owed every month
To pay the full amount owed for that month
26
The best bank to open an account with is...
One that suits your needs
CHASE
HSBC
TD BANK
27
Health insurance is...
More important for women than for men
An unnecessary expense because you may not need it
A must buy item for your budget
Only for those who get sick
28
A ___________ is a plan for how you will spend your money.
Credit card
Paycheck
Cash journal
Budget
29
I live from paycheck to paycheck. So I..
Have to start financial planning later on.
Should seek immediate help in my personal financial planning
Leave it to my spouse/parents to acquire financial plans for me.
Don't think I can take up any financial plans.
30
Expenses that stay the same every month are _________ expenses. Rent would be an example.
FIXED
VARIABLE
INTERMITTENT
DISCRETIONARY
