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Financial Literacy 2 Flashcards | StudBud

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Financial Literacy 2

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Financial Literacy Quiz

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Questions 10

Answers

1
This organization helps you invest your money.
Bank
Credit Union
Brokerage Firm
Credit Card Company
2
How is paying with credit different from paying with cash?
Credit is money out of your savings account
Credit is money out of your checking account
Credit is borrowed money you must pay back
Credit is the same as cash
3
When you take out a loan or use credit (borrow money), you must pay the money back with:
Mortgage
Enthusiasm
Debt
Interest
4
What is one risk of not paying off your credit card?
Credit card debt gains interest, which can grow over time
You can go to prison for unpaid debt
Banks can take your belongings to settle unpaid debt
Bankruptcy
5
Why don't people always just use cash to pay for things?
People do only use cash
Cash can be confused as fake
Credit cards can earn you rewards
It's safer and more convenient to use other forms of payment
6
What is the purpose of medical insurance?
To find the cheapest medical care
To make sure you never get sick
To get help paying for medical expenses
To borrow a loan for medical expenses
7
This is a bank that is owned by its members.
Brokerage Firm
Credit Union
Bank
Credit Card Company
8
All of these a re payment methods except:
Loan
Check
Credit Card
Cash
9
Why do people invest their money?
Investing money means that it cannot be taxed
Investing is the safest way to keep your money
People only invest their money if they have to
Investing money helps it earn more money
10
Paying with a check or debit card takes money from:
your savings account
your investments
your momma
your checking account