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Financial Literacy Flashcards | StudBud

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Financial Literacy

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Questions 7

Answers

1
What is the first step of the budgeting process?
make changes to the budget if neccesary
record income for the budgeted time
write down an estimated cost
List expenses in order of importance
2
What is gross pay?
The amount after tax deductions
The amount prior to tax deductions
The amount of money you make in 1 year
None of the above
3
What are 3 types of credit
Debit cards, ATM cards, checks
Gross pay, net pay, salary
Checks, deposit slips, check register
Cash loans, sales credit, credit cards
4
How are deposit slips used?
None of the above
Keep track of your checks
Go to the bathroom
To put money in your account
5
What is net pay?
The amount after tax deductions
The amount prior to tax deductions
The amount of money you make in 1 year
None of the above
6
What are discretionary expenses?
All of the above
Extra expenses that are not necessary (wants)
Expenses that are discretionary
Expenses that can vary from month to moth
7
You should fill out checks with a pencil.
True
False