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Money Managment Flashcards | StudBud
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Money Managment
Money Managment
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Part II of financial literacy
Flashcards
27 cards
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Practice quiz
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Host live
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Questions
27
Answers
1
If you manage your money correctly, you might be able to...
save money for college
buy special items
save up for a security deposit and first month's rent
pay for an unexpected vehicle repair
2
If I am disciplined, it means that I can practice...
Spend my money on whatever I want
shouting when I'm angry
self-control
3
How might advertisers affect your spending habits?
They want you to spend your money even if you don't have any
They try to get you to buy things that you don't need
They tell you to wait until you have the money.
4
This kind of goal is more costly and may take months or years to meet...
long-term goal
short-term goal
5
I don't pay interest if I pay the minimum payment for each bill until it's paid off.
False
True
6
The amount leftover after all deductions are taken out is my...
Net pay
Social Security
FICA
gross pay
7
A word to describe someone who is not careful about how they spend their money is...
prudent
spontaneous
cautious
impulsive
8
A deduction is...
a percentage added to your income
a fee the bank pays you to use your money
Amounts subtracted from your gross pay
a commission
9
Flexible expenses can also be called...
Variable expenses
APR
percentage rate expenses
10
Income is...
The money that you make
The money that you give to people
The taxes that you pay
The percentage that you pay on your credit card
11
Your employer sets aside money for taxes. It gets taken from your paycheck.
False
True
12
An example of NOT living within your means is...
Investing your extra $200 in a Certificate of Deposit
Purchasing clothes on a credit card bc you don't have the $
13
When you prioritize your spending, your _________ come first.
needs
wants
14
I think money grows on trees. I will probably buy things I don't need and end up in debt!
False
True
15
The main difference between gross and net pay is...
One is based on your income and the other on your rent.
One is what is deducted and one is a percentage.
One is what you make and the other is what you take home.
There is no difference
16
The balance on my credit card is $100. I decide to only pay the minimum payment of $23.00.
You won't end up paying any interest this way.
You will end up paying interest over time this way.
17
If you buy a $4.00 coffee every weekday it doesn't seem like much, but it costs _ per month!!!
$80.00
$200.00
18
I spend my money freely on whatever I want;
I have financial discipline.
I do not have financial discipline.
19
This kind of goal is less expensive and can be met over a short period of time...
long-term goal
short-term goal
20
I want to plan my spending, I should create a________.
budget
credit score
credit card debt
21
I want to build credit. I use a pre-paid credit card and recharge it with cash.
Yes! Do this, you will build credit this way!
I'm sorry, but this will not build credit.
22
Expenses that do NOT vary in amount and that you pay regularly are called...
Fixed expenses
Variable expenses
23
I want to build credit. I use my credit card to buy gas and pay the bill in full and on time.
Good job! You will build credit without paying interest!
That's a terrible idea. You cannot build credit that way!
24
Never let money or lack of money determine your __________ as a person!
freedom
outfit
value
possessions
25
If I have a credit card, I can buy something now and pay later.
False
True
26
When you get a paycheck, the best thing to do is...
Put a certain amount into savings each time
Order something cool off of the television advertisements
Buy your favorite outfit
27
An example of a flexible expense is...
going to see a movie
necessary grocery items
rent
