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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Answers
1
A __is a card given by a financial institution that allows a cardholder to obtain funds to pay for goods and services.
Health Card
Choice Card
Credit Card
Debit Card
2
What does t stand for in A=Prt
time in years
time in hours
time in months
time in days
3
What does the P stand for in the Simple Interest formula A=Prt?
Principal
Percent
Pricy
Present
4
Over time, investing in an compound interest account will earn more money than investing in a simple interest account.
False
True
5
The amount of money earned before deductions is ________
Balanced Income
Net income
Incoming
Gross Income
6
Expenses =
Money Spent
Money Tree
Money Earned
7
_____ is the interest on a loan or deposit calculated based on the initial principal and the accumulated interest.
Interesting Interest
Simple Interest
Compound Interest
Principal Interest
8
Calculate the simple interest on a $10,000 deposit at 3.4% for 5 years.
$1700
$1500
$1770
$1170
9
What is the rate in the problem
1
.5
5%
300
10
What is one way you can convert a rate(%) into a decimal?
Rate multplied by 100
rate divided by 12
rate divided by 1000
rate divided by 100
11
What is the formula used for Simple Interest
I=Prt
I=Prt
I=P(1+r)t
I=P(1+rt)
12
The amount of money earned after deductions is ________
Net Income
Incoming expences
Gross Income
13
What is 5.5% as a decimal?
0.55
0.055
5.5
0.05
14
What does the r stand for in A=P(1+r)
t
?
rate
random
ram
return
15
Income =
Money Earned
Money Lost
Money Spent
Fake Money
16
What is 9% as a decimal?
0.9
0.09
9.0
0.009
17
The value of your net income will be greater than the value of your gross income?
True
False
18
What is the formula used for Compound Interest?
A=(P+r)t
A=P(1+rt)
A=Prt
A=P(1+r)t
19
Find the simple interest paid.
$420
$393.70
$42
$39
20
Costs that change over time are called ________
Fixed Expenses
Expensive Expenses
Variable Expenses
21
________ is the cost of using somebody else’s money. The borrower pays it, and the lender receives it.
Debt
Credit
Investing
Interest
22
Jim has made $5650 during his summer job. However, he has had $1785 in deductions thus far. What is is YTD net income?
$7435
$3865
$3867
23
I'm going to do well on the quiz because I've paid attention in class and done all of my review
False
True
24
Samuel has $350 in his savings account. It earns 2% per year + compounds annualy. How much will he have after 15 years?
$417.05
$4710.50
$470.50
$471.05
25
Find the the balance of the account
$375
$45
$4200
$421.82
26
Which of the following are benefits to having a credit card (there is more than 1)
Feeling cool
Building credit
Going into Debt
Having money to spend immeditately
27
Which of the following are potential negatives of having a credit card? (There is more than one)
Going into Debt
Making More Money
Over spending
Paying a lot of interest
28
An expense that does not change from period to period is called a ________
Fixed Expense
Variable Expense
Expensive Expense
