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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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#financialliteracy #moneymatters #grade7
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
A need is something
we need to survive
we would like to have
something that would be nice to have
2
A surplus is when you are out of money
true
false
3
An example of a want is
none of the above
food
transportation
basic utilities (heat, electrical)
4
A budget is a great way to establish the difference between expense and income
True
False
5
A want is something
We would like to have
Something we really really really want
We need to survive
6
An example of a fixed expense is
cell phone bill
car payment
insurance
all of the above
7
If you want to buy something that cost more than you have the best way to get it is
Use your savings....
Factor how much it will cost over 6 months and save
Ask your parents for a loan and never pay them back
8
A good is an example of something
made or grown
made or grown and something you can consume
someone else does for you
9
Credit cards are a great tool to help get a credit score
false
true
10
Income is how much money is going out
true
false
11
An example of a variable expense is
clothing
car payment
Netflix
rent or mortgage
12
Variable expense is something that
sometimes changes but not often
changes week to week or month to month
is always the same
13
What is 19% on $1000?
$19
$190
$24
$200
14
Saving account is best for
money that you are putting away
Money that you want to use in a couple of days
money that you want to spend NOW
15
An example of a service that someone can provide is
all of the above
car mechanic
builder
baker
16
A fixed expense is
something that stays the same every week or month
something that changed every week or month
going to the dollar store to buy junk
17
An example of a Need is
All of the above
Nutritious food
Medical Care
Shelter
18
If you don't pay your credit card you won't have to pay interest
false
true
