Money Management Lesson

Question 1

What are earnings?

Accepted Answer

Money you make from your job/chores and investments

Question 2

Interest is the price paid for the use of borrowed money, or the amount earned on a deposit or investment.

Accepted Answer

True

Question 3

Credit limit and credit debt are the same thing

Accepted Answer

False

Question 4

Do you need to pay taxes?

Accepted Answer

Yes, to both the state and federal government

Question 5

Savings are the portion of your income that you don't spend on current expenses (i.e. the money left over after bills)

Accepted Answer

True

Question 6

If you have a bill for $30 and want to leave a 20% tip, how much money would you leave?

Accepted Answer

$6

Question 7

What do you have to take into consideration if you choose to invest?

Accepted Answer

All of the above

Question 8

Credit Cards vs. Debit Cards: Which statement is true?

Accepted Answer

One is money directly from your checking account and one is borrowed money

Question 9

What is Financial Literacy?

Accepted Answer

The ability to understand how money is made, saved, and managed

Question 10

A credit card limit is free money!!!

Accepted Answer

False

Question 11

There is no such thing as bad debt

Accepted Answer

False

Question 12

A savings account is designed for daily use such as buying groceries, withdrawing cash, etc.

Accepted Answer

False

Question 13

A budget is a plan that outlines how you'll spend your money.

Accepted Answer

True

Question 14

What is an example of bad debt?

Accepted Answer

Credit card debt

Questions 14