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Money and Financial Literacy Flashcards | StudBud
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Money and Financial Literacy
Money and Financial Literacy
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Test your knowledge on money, currency, payment methods, credit, and financial concepts
Flashcards
23 cards
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Questions
23
Answers
1
Where is the US dollar accepted?
Only in the US
Worldwide
Only in Europe
Only in Canada
2
What is the purpose of credit unions?
Profit-driven banks
Online-only services
Government institutions
Member-owned banking
3
What does APR stand for?
Adjusted Payment Rate
Annual Percentage Rate
Annual Payment Return
Average Payment Rate
4
True or false: Credit cards can help build credit scores.
False
True
5
Which is a form of payment?
Cash
Loan agreement
Credit score
Bartering
6
What is the main risk of credit?
Default risk
High interest rates
Limited funds
Low credit score
7
What is the role of the Federal Reserve?
Collect taxes
Provide loans
Manage investments
Regulate banks
8
True or false: All banks offer the same services.
False
True
9
What is the main function of money?
Only for investments
Store of value
Only for savings
Only for loans
10
What is the purpose of government securities?
High-risk investments
Stable investments
Consumer credit
Short-term loans
11
What is a common payment method today?
Digital payments
Checks only
Cash only
Bartering
12
True or false: Cash is always the best payment method.
False
True
13
Which is a type of credit?
Mortgage
Checking account
Investment fund
Savings account
14
What is a credit report?
List of bank accounts
Investment portfolio
Summary of savings
Record of credit history
15
Which agency manages monetary policy?
The Fed
IRS
FDIC
SEC
16
What is the US dollar?
World's reserve currency
Digital currency
A type of credit
Only used in the US
17
When was fiat currency adopted?
1964
1990
1980
1975
18
What is a benefit of using credit wisely?
Builds credit score
Increases debt
Limits spending
Avoids all payments
19
What is a common consequence of data breaches?
Identity theft risk
Increased credit scores
Lower interest rates
More customer trust
20
What does the Truth in Lending Act require?
No interest charges
Unlimited credit access
No repayment terms
Clear cost disclosure
21
What is a secured loan?
Loan for small amounts
Loan for credit cards
Loan without interest
Loan with collateral
22
What is a key factor in credit scores?
Payment history
Loan amount only
Age of borrower
Type of currency
23
What does credit allow you to do?
Avoid payments
Buy without limits
Increase savings
Borrow money
