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Financial Literacy Review and Hip Hop Trivia Flashcards | StudBud
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Financial Literacy Review and Hip Hop Trivia
Financial Literacy Review and Hip Hop Trivia
34 terms
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Financial Literacy questions for review.
Flashcards
34 cards
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Practice quiz
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Questions
34
Answers
1
Kanye went $53 Million Dollars into debt from failed fashion and branding launches!
False
True
2
Lil Wayne's Diamon Braces cost about $143,000 dollars more than the average cost of braces. (A discretionary
expense)
True
False
3
A trade off can be described as,
Paying more for an item
Giving up on an item you wish to purchase
An exchange of one thing for another
Paying less for an item
4
Which of the following are ways to protect yourself from identity theft?
Change passwords frequently
Destroy all password sensitive material
Protect your pin
All of the above
5
The circular flow of money in our society is between
Government and Marketplace
Households, Government and other countries
Government, Households and Marketplace
Marketplace and Households
6
The primary purpose of taxes is to
Provide goods and services that we cannot afford ourselves
Allow people to have free goods/services
Take money from one group to give to another
Provide services that improve the quality of life
7
When a bank pays someone to save money it is called
Opportunity Cost
Service
Interest
Trade-off
8
A plan for managing income, spending and saving is called...
Credit Account
Account balance
Budget
Investment
9
What is the #1 hip-hop song right now?
What you Know Bout Love- Pop Smoke
Real as it Gets - Lil Baby
Calling My Phone - Lil Tjay
Rapstar- Polo G
10
What determines the number of jobs, goods and services available?
Ancestors
Supply and Demand
Taxes
Government
11
Don't forget to give back - investing in your community may be the most meaningful contribution you can make.
True
False
12
Spending on clothing is what kind of expense?
Investment Expense
Variable Expense
Production Expense
Fixed Expense
13
What is the name of the fee the bank charges you when you borrow money?
Payment
Interest
Deposit
Withdrawal
14
Which of the following could you use to buy something now and pay for it later?
Credit Card
Check
Cash
Debit Card
15
What is net pay?
The length of time an employee's wages are calculated
Amount of money left after all deductions have been taken.
The total amount of money earned before pay deductions.
The amount of pay earned from doing additional work
16
Before you buy something using a check, what should you know about your account?
The PIN for your account
If you have tax on your account.
The interest rate of your account
If you have money in your account
17
Before becoming a top-selling artiost, Nicki Minaj worked as a...
A Nurse
A cook at Fogo de Chao
An accountant
A Red Lobster Waitress
18
Interest rates on credit cards
Vary based on age and income
Are the same regardless of which company issues the card
Are the same for everyone
Vary depending on credit scores and payment history
19
Don’t lend if you can’t. Be sure to report all family loans to keep peace with your relatives - and the IRS.
False
True
20
Taking money out of your bank account is called...
Payment
Deposit
Withdrawal
Interest
21
Sam earned $3000. He spent $2000. He put $1000 in the bank. This amount is called?
Saving
Budget
Profit
Credit
22
Which is an example of a fixed expense?
House Payment
Gasoline
Clothing
Eating out
23
When looking for a house, what should you consider?
All of the above
Schools
Price
Neighborhood
24
Savings gives you immediate access to your money and is less risk than investing.
False
True
25
We cannot have everything we want because of
needs
opportunity cost
wants
scarcity
26
When signing a lease to rent an apartment, it is important to do what?
Review and sign quickly
Read carefully and only sign when you understand it.
Read and sign it even though you do not agree with it .
Read carefully and sign even if you don't understand it.
27
Jobs usually pay a higher salary when...
They have a job title
An ad has been placed online.
More education or skills are required
People must be interviewed
28
The average artist
Salary in Chicago, Illinois is...
$32,538
120,749
$1,000,000
$59,684
29
The knowledge, skills and talent that people use to do their work is called.
Financial Capital
Capital Resources
Natural Resources
Human Capital
30
Interest rates on credit cards
Are the same for everyone
Are the same regardless of age or income
Depend on age and income
Vary depending on credit score and age and income
31
Retirement income that you pay into at work and is controlled privately is called
Social Security
401K
Roth IRA
CD
32
What is the best action to take to balance your budget?
Pay more taxes
Reduce expenses
Increase expenses
Get more credit cards
33
The payment people receive for the work they do is called...
Profit
Savings
Interest
Wages
34
Who is the highest-grossing hip-hop artist of all time?
Dr. Dre
Kanye
P. Diddy
Jay-Z
