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Personal Finance
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Financial Literacy Grade 5
Flashcards
20 cards
F
Practice quiz
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Host live
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Questions
20
Answers
1
Which is an advantage of having a debit card?
You can buy anything you want
There will always be money for you
You can purchase items online
There is no limit
2
Which of the deducted from every paycheck in the U.S.?
Food costs
Federal Taxes
Health insurance
Utilities
3
If you max out your credit cards- all but 1 is true
You may feel uneasy about your mounting debt
You could get good credit
It is hard to pay the money back
You end up paying at least 3X what the items were worth
4
The following is an example of a need
shelter
computer
I phone
lexus
5
Net income is the amount of money you have left, after taxes, to pay your bills each month
TRUE
FALSE
6
If you had a credit score of 550 what could you do to improve your credit?
Buy more video games
Buy a new car
Apply for more credit cards
Pay down the credit card balances
7
The following is an example of a want
water
food
designer clothes
shelter
8
What NOT a disadvantage of having BAD credit
You can have as many credit cards as you need
You will pay higher interest for loans
You will be turned down for credit cards
You will pay higher deposits for electricity, water and gas
9
What do you consider the best investment, even though it may be risky?
Stock Market
Savings account
Certificate of Deposit
Owning your own business
10
All but 1 of the following would be included on a credit report
How much a person owes on a credit card
How many times a week a person goes to the movies
Limit person has on their credit card
How many times a person has paid late bills
11
Why is it good to have a budget?
You can quit paying bills
You can learn how to spend money wisely
You can earn lots of money
You can buy anything you want
12
A balanced budget is when
You have a savings account
Expenses are more than income
Income is less than expenses
Expenses are equal to or less than income
13
You EARN the most interest with a
buy new clothes
checking account
CD (certificate of deposit)
savings account
14
All but 1 of the following is true when you save money and don't overextend
You will have the latest videos and best designer clothes
You have peace of mind
You have freedom to make your own choices with money
You will have a good credit score
15
Why is helpful that you understand how to budget at your age?
So you can apply for a job
So you can help pay bills
So you can help your parnets with the math involved
So you can understand wants and needs and the value of money
16
Which of the following is an example of a person being overextended?
They owe more bills each month than their net income
They pay with cash only
They pay all of their bills on time
They have 1 credit card for emergencies only
17
GROSS income is the amount of earn you earn before taxes are taken out
FALSE
TRUE
18
Which is an example of how you might spend disposable income?
Food
Movie tickets
Electric bill
Rent
19
An example of disposable income is
Rent
clothes shopping
Water bill
Gas bill
20
If you have bad credit all of the following but 1 are true
You will pay high deposits
You will be turned down for credit cards
You will have an unlimited credit limit
You will pay higher interest rates on loans
