Financial Lit - Unit 2 Test Review

Question 1

The study of how people use their limited resources in satisfaction of their limitless wants

Accepted Answer

Economics

Question 2

Skill Development

Accepted Answer

Part of a Career Plan

Question 3

Profession or field of employment for which one trains, such as financial services or medicine

Accepted Answer

A career

Question 4

Summer Jobs, Volunteer, and Extra-curricular Activities are examples of things you can do to increase?

Accepted Answer

Human Capital

Question 5

Free Application for Federal Student Aid

Accepted Answer

FAFSA

Question 6

Housing, food, and transportation are part of what type of expenses?

Accepted Answer

Cost of Living

Question 7

When completing the FAFSA, what documents are required?

Accepted Answer

Bank Statements, Social Security Number, Federal Tax Forms

Question 8

Educational Credentials

Accepted Answer

Part of a Career Plan

Question 9

Skill Development, Educational Credentials, & Occupational Goal are all part of a

Accepted Answer

A Career Plan

Question 10

Financial aid money you do not have to repay

Accepted Answer

Grant

Question 11

Individuals with more educational training and degrees on average have:

Accepted Answer

Higher lifetime earnings than those with less education

Question 12

What would you need to protect you from property damage and injuries to others as a result of an auto accident

Accepted Answer

Automobile Liability Insurance

Question 13

Cash is ________!

Accepted Answer

King

Question 14

What is “awarded” money from multiple sources that you can use for expenses relating tocollege

Accepted Answer

Scholarships

Question 15

What are four important considerations when determining the Actual price of an item.

Accepted Answer

Price, Shipping Cost, Return Policy, Location

Question 16

The capacity and willingness to create, organize and own a business

Accepted Answer

Entrepreneurship

Question 17

What is financial aid money for college that you must pay back with interest?

Accepted Answer

Student Loan

Question 18

Summer Jobs, Volunteer, and Extra-curricular Activities are things you can do to increase?

Accepted Answer

Human Capital

Question 19

Transfers risk after paying a premium.

Accepted Answer

Insurance

Question 20

Profession or field of employment for which one trains, such as financial services or medicine

Accepted Answer

Career

Question 21

Occupational Goal

Accepted Answer

Part of a Career Plan

Question 22

Determines how much Federal financial aid you are eligible to receive

Accepted Answer

FAFSA4caster

Question 23

A good that is in high demand at a lower price will be less in demand at a higher price

Accepted Answer

Supply and Demand

Question 24

On average the largest major expenditure is which of the following?

Accepted Answer

Housing

Question 25

What does “pay yourself first” (PYF) mean?

Accepted Answer

An individual should consider savings to be a fixed expense

Question 26

What does the 60-20-10-10 rule represent?

Accepted Answer

60% spent, 20% is saved, 10% of income is invested, and 10% of income is

Question 27

Set a goal of saving $200/month for a down payment on a home in five years. Type of goal?

Accepted Answer

Long term Financial Goal

Question 28

The science that describes the management, creation and study of money, etc.

Accepted Answer

Finance

Financial Lit - Unit 2 Test Review

Questions 28

Financial Lit - Unit 2 Test Review

Questions 28