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FINAL EXAM PRACTICE FOR PERSONAL FINANCIAL LITERACY Flashcards | StudBud
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FINAL EXAM PRACTICE FOR PERSONAL FINANCIAL LITERACY
FINAL EXAM PRACTICE FOR PERSONAL FINANCIAL LITERACY
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1
10.) What is an intermediate goal for a high school junior?
(Goals that take two to five years to achieve.)
b.) Buying a house
d.) Getting the Covid vaccine
c.) Listening to music
a.) Going to college
2
6.) Which of the following is a consumable good?
(A product that is purchased often.)
d.) A couch
c.) A relationship
a.) Shampoo
b.) A bed
3
14.) The difference between wants and needs is that wants are:
b.) Nice to have but not necessary
c.) Always expensive
d.) Always cheap
a.) Essential for survival
4
9.) An example of a short-term goal is:
a.) Buying a house
d.) Traveling the world
c.) Retiring comfortably
b.) Completing homework
5
13.) Goods that do not have a physical form are called:
d.) Perishable goods
b.) Consumable goods
c.) Intangible goods
a.) Durable goods
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22.) A ___________ is a person who purchases and uses goods and services.
b.) Company
a.) Creditor
d.) Credit Union
c.) Consumer
7
27.) You calculate your net worth by:
d.) dividing all of your assets and your liabilities and adding ten
c.) multiplying your net worth times two
b.) subtracting your liabilities from your assets
a.) adding your assets and your liabilities
8
28.) Take home pay is:
c.) the sale of non-liquid assets
d.) the amount of income left after taxes & other deductions are taken out
a.) interest earned on investments
b.) interest earned from your savings
9
35.)
(TRUE OR FALSE)
Credit is an arrangement to receive cash, goods, or services now and pay for them in the future.
False
True
10
15.) Which of these is an example of a service?
a.) A novel
d.) A bottle of water
c.) A laptop
b.) Car maintenance
11
25.) Which answer below is a personal financial statement?
d.) A novel
a.) A cash flow statement
b.) Diary
c.) A journal for writing
12
26.) What are liabilities?
d.) Stocks and bonds
c.) What you are worth
a.) The debts you owe
b.) What you own
13
24.) What is one of the disadvantages of keeping financial documents in home files?
It takes a lot of time to organize your files
b.) It is hard to remember where you keep the file
a.) Cardboard boxes are expensive
c.) Your documents may not be protected against fire, water, or theft.
14
4.) Which of the following is considered a need?
a.) A new smartphone
d.) Luxury car
c.) Shelter
b.) Designer clothing
15
7.) What is an example of an intangible good?
(An item that can't be touched but is often important to your well-being.)
d.) Car
b.) Bread
c.) Furniture
a.) Education
16
20.)This is traditionally called a passbook account; this account requires no minimum balance and pays very low interest
b.) Checking account
d.) Savings Account
c.) Certificate of Deposit
a.) Investment deposit
17
8.) Which of the following is an example of a durable good?
(Expensive items that you do not purchase often.)
d.) A car
b.) Personal relationships
c.) Health
a.) Food
18
29.)
(TRUE OR FALSE)
Fixed expenses can change from month to month.
False
True
19
17.) Inflation refers to
a.) a balloon payment
c.) the rise in the price of stock
b.) a general rise in prices of goods and services
d.) the cost of intangible goods
20
32.) National brands are:
b.) carry the name of the store on the label
a.) are usually sold by one chain store
d.) are less expensive than store brands
c.) well-known brand names widely advertised & available in many stores
21
12.) An example of a service is:
c.) A book
b.) A haircut
a.) A smartphone
d.) A television
22
5.) Which type of goal is focused on achieving within the next year?
a.) Long-term goal
b.) Intermediate goal
d.) Life-long goal
c.) Short-term goal
23
23.) The trade off when you make a choice is called:
d.) Opportunity cost
b.) A financial goal
c.) Opportunity loss
a.) Cost of choice
24
30.) Variable expenses:
a.) are more or less the same each month
c.) are assets on a balance sheet
b.) can change from month to month
d.) are needs that you must have
25
11.) Which of these is considered a long-term goal?
(Goals that take more than 5 years to complete.)
d.) Reading a book
b.) Completing a project
c.) Buying groceries
a.) Saving for retirement
26
1.) A(n) ___________ is a computer terminal that allows a withdrawal of cash from an account.
a.) debit card
c.) credit union
d.) endorsement
b.) ATM
27
18.) The ability to easily convert your financial resources into cash without loss in value is called
d.) present value
b.) compounding
a.) inflation
c.) liquidity
28
3.) Before you begin to shop, you should
b.) compare prices at different stores
a.) decide to pay with cash
c.) opt to delay payment
d.) identify your needs
29
16.) The FDIC
(Federal Deposit Insurance Company)
insures each account up to?
b.) $250,000
d.) $1,000,000
c.) $200,000
a.) $100,000
30
21.) An example of a fixed expense is _____.
b.) Mortgage payments
d.) Grocery costs
a.) Utility bills
c.) Medical costs
31
33.) (True or False)
One advantage of a credit card is high interest rates and increased debt.
True
False
32
19.) The following are all advantages of using credit EXCEPT ________.
b.) You might be tempted to buy more than you can afford.
d.) It gives you a record of your expenses.
a.) It lets you enjoy goods and services now, and pay for them later.
c.) It allows you to combine several purchases & make one monthly payment.
33
34.) The unit price:
d.) has nothing to do with cost.
b.) the cost per liter, per kilogram, per pound of what you want to buy.
a.) tells you the cost based on the store's guess.
c.) tells you the cost based on the brand name.
34
2.) An arrangement to buy something and agree to pay for it later is called _____________.
b.) credit
a.) simple interest
c.) finance charge
d.) grace period
35
31.) What is a coupon?
b.) A voucher entitling the holder a certain amount off
a.) A sale on an item
d.) A cancellation policy
c.) A return policy
