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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Flashcards
23 cards
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Questions
23
Answers
1
It is important to keep track of debit card purchases so you know how much money you have.
True
False
2
Three variables that affect saving money are
interest, stocks, and time
amount, interest, and time
amount, stocks, and time
amount, interest, and credit
3
A debit card is similar to a credit card because both are used as a way to buy now, pay now.
True
False
4
When financial institutions lend money, they charge barrowers
interest
debits
credit
stock
5
What is a disadvantage of credit?
it allows you to buy now and pay later
it encourages inpulse or unplanned buying
it allows you to track your spending
it allows you to establish credit
6
A disadvantage of using credit is
it allows you to track expenditures
it allows you to establish good credit
it allows you to buy now, pay now.
it allows for impulse spending
7
Long-term funds that represent part ownership in a company and are sold as shares.
Stocks
Savings Account
Bonds
Mutual Funds
8
Using a debit card is the same as securing a loan.
True
False
9
When you use a credit card, you
buy now, pay now
buy now, pay later
10
Why do you need to know about financial institutions?
Because banks are important.
They will manage your money for many years.
None of these is correct.
You don't really need to know anything.
11
A loan extended to a person by a lender is called?
stock
credit
interest
a budget
12
An account provided by a bank or credit union where you can put money aside and earn interest.
Bonds
Savings Account
Mutual Funds
Stocks
13
The total amount of monthly income remaining after all deductions have been taken is known as:
Net monthly income
gross annual income
gross monthly income
net annual income
14
Who uses financial institutions?
Almost every one at sometime.
Just adults.
Master Grand Flash
Politicians only.
15
Why is it important to balance your check book?
So you don't have overdrafts.
So you know how much is on your credit card.
So you always know the available amount in your account.
It's not really.
16
What are the three variables that affect saving money?
amount, stocks, and time
none of these
amount, interest, and credit
amount, interest, and time
17
What is an example of a financial institution?
Bank
ATM machine
Department store
School
18
Which of these is
not
an advantage of credit?
Allows a purchase now.
Don't have to carry cash.
Allows for accurate record keeping.
Encourages impulse buying.
19
Financial literacy is important for young people to learn about?
Yes
It's for nerds and accountants only
Maybe
Nope
20
What is Social Security?
A private insurance system used by the rich.
A social insurance system
The amount of money someone has.
None of these is correct.
21
A record of spending or of probable expenditures and income for a given period of time is?
credit
investments
interest
A budget
22
A debit card is just another name for a credit card?
False
True
23
When you use a debit card, you
buy now, pay now
buy now, pay later
