Financial Literacy Basics

Question 1

Is a debit card money that is deducted directly from a bank account?

Accepted Answer

True

Question 2

401k, 403B Pension plan, and IRA are all considered retirement accounts?

Accepted Answer

True

Question 3

FICA stands for Federal Insurance?

Accepted Answer

True

Question 4

A Budget is a spending plan based on a person's or family's income and expenses.

Accepted Answer

True

Question 5

The total amount of money you owe in interest and fees for using your card each month

Accepted Answer

Finance Charge

Question 6

APR stands for Annual Percentage Rate

Accepted Answer

True

Question 7

List 3 things that are taken into consideration when your credit score is calculated?

Accepted Answer

how much debt you owe other banks, how recently youve applied for other loans, How often you pay bills on time

Question 8

A credit score can range from ___ to ___?

Accepted Answer

300-850

Question 9

list an example when your credit score would not change?

Accepted Answer

alyssa has a credit card and never uses it

Question 10

list two examples of how your credit score can improve

Accepted Answer

set reminders for the due date of all bills, make small purchases with it each month and pay it off

Question 11

What are two examples of savings in your budget.

Accepted Answer

investing money for your retirement, Adding money to savings account

Question 12

list two examples of how your credit score can go down?

Accepted Answer

bryans dad makes him an authorized user on his maxed out credit card, Applies for every credit card they qualify for so they have more money

Question 13

The maximum amount of money you can borrow using your card at any given time

Accepted Answer

Credit limit/ Credit line access

Question 14

What is the amount of pay before taxes, benefits, or other deductions are taken out of the wages

Accepted Answer

Gross Pay

Question 15

What is Years to date abbriviation?

Accepted Answer

YTD

Question 16

When you borrow money using your card at a bank or ATM.

Accepted Answer

Cash advance

Question 17

What is an example of deductions?

Accepted Answer

Wages with held or subtracted from an employees paycheck

Question 18

List 3 disadvantages of using a credit card

Accepted Answer

can damage credit score if used irrsponsible, can easily go into debt if spending is not monitered, fees for some cards can be high

Question 19

is a credit card a card with borrowed money from a financial institution?

Accepted Answer

True

Question 20

The 50/30/20 budgeting strategy recommends what?

Accepted Answer

50% of your money twords needs, 30% twords wants, and 20% twords Savings

Question 21

What is the amount of pay before taxes, benefits, or other deductions are taken out of the wages

Accepted Answer

Net pay

Question 22

List 3 advantages of using a credit card.

Accepted Answer

offers enhanced fraud protection compared to other methodes of payments, oftens includes rewards, such as a cash book or airline miles, builds your credit score and credit history if used responsible

Question 23

Which of these examples are a need in your budget.

Accepted Answer

Rent for apartment, Car Insurance

Question 24

The government takes out a 1.45 percentage of wager for the medicare tax?

Accepted Answer

True

Question 25

What are two examples of a want in your budget

Accepted Answer

VIdeo Streaming, Traveling on a vacation

Question 26

list two advantages of having a 401k

Accepted Answer

easy to save because money comes out your paycheck, saving growth without being taxed right away

Question 27

What is a Grace Period

Accepted Answer

Amount of time you have to pay off your purchases before owing intrests

Question 28

Does an itemized deduction help tax payers lower their annual income tax bill?

Accepted Answer

True

Question 29

A pay stub records an employees's what?

Accepted Answer

Wages, Deductions, Taxes

Question 30

what is a minimum payment?

Accepted Answer

the lowest amount you can pay on a credit card card bill each month

Financial Literacy Basics

Questions 30

Financial Literacy Basics

Questions 30