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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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1
Which of the following are ways you can increase your income without negatively impacting your financial future?
Rent out an extra bedroom in your home
Use your talents or hobby to make extra money
Take money out of your retirement or investment accounts to pay off debt
Make sure you receive any tax credits for which you are entitled
2
If you are experiencing financial difficulties, what first steps should you take before developing a financial plan?
Assess your current financial situation
File for bankruptcy
File for bankruptcy
Develop a spending plan
3
Which of the following actions can help you build your credit an prevent future financial setbacks?
Work with your creditors when you cannot your payment
Review your credit report and correct any errors
All of the above
Ask for assistance when needed
Save money
4
Which of the following are ways you can decrease your expenses without negatively impacting your financial future?
Sell assets (extra vehicles, furniture, jewelry)
Buy items you want but do not need
Use local assistance programs to offset food, housing and utility costs
Eat out at restaurants less frequently
5
When prioritizing your expenses, which of the following expenses should you pay first?
Collection agency bills
Other expenses or loans (e.g. medical bills, education loans, personal)
Credit card bills
Your basic necessities (e.g. mortgage/rent, food,utilities, transportation.
