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Financial Literacy Hampson 2 Flashcards | StudBud
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Financial Literacy Hampson 2
Financial Literacy Hampson 2
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Financial Literacy questions for review.
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
A plan for managing income, spending and saving is called...
Account balance
Investment
Budget
Credit Account
2
Why would people want to invest in the stock market?
To help a company go bankrupt
To gamble
To make money
To lose money
3
The payment people receive for the work they do is called...
Interest
Wages
Savings
Profit
4
What is the best action to take to balance your budget?
Get more credit cards
Pay more taxes
Reduce expenses
Increase expenses
5
When a bank pays someone to save money it is called
Opportunity Cost
Trade-off
Interest
Service
6
Which of the following are ways to protect yourself from identity theft?
Destroy all password sensitive material
Protect your pin
All of the above
Change passwords frequently
7
Interest rates on credit cards
Are the same for everyone
Depend on age and income
Vary depending on credit score and age and income
8
Jobs usually pay a higher salary when...
More education or skills are required
An ad has been placed online.
People must be interviewed
They have a job title
9
An economic system that is based solely on government decisions.
Mixed
Command
Market
Traditional
10
What does the government consider to be unemployment?
A person without a job but is looking for one.
A person not physically capable of working
A stay at home mom or dad
A retired person
11
When are federal income tax returns due every year?
July 15
December 31
April 15
January 31
12
Before you buy something using a check, what should you know about your account?
If you have money in your account
If you have tax on your account.
The PIN for your account
The interest rate of your account
13
Spending on clothing is what kind of expense?
Fixed Expense
Investment Expense
Variable Expense
14
Which is an example of a fixed expense?
Eating out
House Payment
Clothing
Gasoline
15
Sam earned $3000. He spent $2000. He put $1000 in the bank. This $1000 amount is called?
Credit
Budget
Savings
Profit
16
An economic system that does not stray from what their ancestors produced.
Mixed Economy
Traditional Economy
Command Economy
Market Economy
17
When signing a lease to rent an apartment, it is important to do what?
Read carefully and sign even if you don't understand it.
Read and sign it even though you do not agree with it .
Read carefully and only sign when you understand it.
Review and sign quickly
18
Wyatt works at Walmart, Bobby volunteers at Red Cross. Who is earning income?
Bobby only
Wyatt only
Both Bobby and Wyatt
19
Which of the following could you use to buy something now and pay for it later?
Credit Card
Debit Card
Check
Cash
20
What is net pay?
The total amount of money earned before pay deductions.
The length of time an employee's wages are calculated
Amount of money left after all deductions have been taken.
The amount of pay earned from doing additional work
21
Taking money out of your bank account is called...
Payment
Withdrawal
Interest
Deposit
