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Financial literacy Flashcards | StudBud
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Financial literacy
Financial literacy
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Answers
1
If you would like to start saving money for a long-term financial goal, what should you do?
Open a checking account
Get a credit card
hide money in a safe place
open a savings account
2
Which of the following is considered an unexpected expense?
Car payment
flat tire
Netflix subscription
rent
3
If you strictly use cash, what is a good budgeting strategy?
checking account
envelope method
piggy bank
none of the above
4
Which of the following is a need?
video games
fancy clothing
Movie ticket
sneakers
5
What is considered a long term financial goal?
less than 1 year
more than 5 years
more than 20 years
between 1 and 5 years
6
What is the 50 in the 50-30-20 method used for?
needs
emergency funds
savings
wants
7
Why is it important to set aside money for an emergency fund?
to have extra spending money
to have when unexpected expenses arise
to reduce credit
to build credit
8
Which of the following is a smart money habit?
Applying for as much credit cards as possible
purchasing wants before needs
taking out several loans
creating a budget
9
If you are budgeting, which of the following should you pay for?
video games
hulu subscription
snacks
rent
10
What is the first step to increase your savings?
Spend all of your money
see where your spending your money and create a budget
None of above
Spend no money
