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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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#financialliteracy1-3
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Money available for non-essential goods or services is considered
fixed expenses
discretionary income
lucky
variable expenses
2
What is money made over one year before taxes are deducted?
Gross Annual Income
Net Monthly Income
Net Annual Income
Gross Monthly Income
3
Which of these would be considered a NEED?
Car accessories
Housing and Shelter
A vacation
Blow-Out Labor Day Sale
4
What jobs are exempt from being paid the minimum wage?
Waitress
Valet
Baggage Handlers
Waiter
5
What is 11.6% converted into a decimal?
116.0
0.116
11.6
0.0116
6
Credit cards are directly linked to your bank account
true
false
7
What is the current federal minimum wage?
$7.25
$6.75
$5.15
$11.00
8
A plan for managing money each month is called
income
budget
expenses
credit
9
A college graduate can expect to make how much more than a high school graduate?
A little more, like 20%
A lot more, like 70%
No more--they make equal pay
About 10 times as much
10
Which of these public services are paid for through property taxes?
street repair
police
public Schools
public libraries
11
Which of these is NOT considered a fixed expense?
Car Insurance
Rent or House Payment
Student loan payments
A broken bone and visit to the doctor
12
What is 10% of $2,100
$325
$210
210
$21,000
13
What is money paid each monthly after deductions?
Gross Monthly Pay
Net Annual Pay
A paycheck
Net Monthly Pay
14
Income taxes pay for
National Parks
National defense (military)
Housing Assistance
Food & Nutrition Programs
15
Net Monthly Income is
yearly take-home pay before taxes
monthly take-home pay after deductions
monthly take-home pay after taxes
money taken for taxes
16
When you use a credit card, you
pay interest on purchases
pay in cash
buy now, pay now
buy now, pay later
17
April 15th is
Jackie Robinson's first major league game
Mr. Washington's Birthday
the day Titanic sunk
Tax Day
18
A disadvantage of using credit is
it allows for impulse spending
it allows you to establish credit
it allows you to track expenditures
it allows for you to buy now, pay now
19
Unplanned spending is also called
interest
Credit purchases
impulse shopping
budget
20
Retirement income paid by the federal government is called
Medicare
Social Security
IRA
401K
21
When financial institutions loan money, they charge borrowers
debits
interest
credit
stock
22
Which of the following is not typically associated with borrowing?
credit card
auto loan
debit card
mortgage
23
There are options for savings that actually allow your money to make you money.
True
False
24
A loan extended to a person by a lender is called
credit
a budget
stock
interest
25
Which of these is a financial institution?
Savings & Loans
Credit Union
Commercial Bank
Investment Bank
