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Financial Literacy Review Flashcards | StudBud
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Financial Literacy Review
Financial Literacy Review
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Answers
1
What is delayed gratification?
Buying on Credit
None of the above
Waiting to get an item until you have saved for it
Starting a checking account
2
NCUA insures your bank account up to $250,000
False
True
3
What is one marketing strategy?
Showing up to work late
Going from market to market to get the best price
None of the above
Placing the items with the highest return at the check stand
4
Which is not included in a mortgage payment
Property taxes
Property fix fund
Home owners insurance
Principal
5
Gross is the amount of money that you make before taxes.
False
True
6
Which factors can influence your decisions?
Peers
All of these
Family
Values
7
What is someone that owns there own business?
COO
None of these
Entrepreneur
CEO
8
The best thing about a 401k is.
It is pre tax
Matching funds
None of the above
It comes from your employer
9
A beneficiary is someone that benefits from a will.
False
True
10
One example of opportunity cost is
Buying a house
Selling a house
Not being able to work full time because you go to college
Can not afford lunch because you bought clothes.
11
An example of a long-term goal would be
Family Vacation
Retirement
Buying a used car
None of the above
12
What is not part of the decision making process
Compare
All of these are a part
Find the problem
Gather info
13
You do not have the right to communicate pos
itive and negative experiences as a consumer
True
False
14
All Auto insurance covers all accidents
False
True
15
Who is responsible for your financial decisions
Mom
Dad
You
Friends
16
Inflation = Cost of goods going down
True
False
17
What is a 529 Plan
Retirement Fund
Education Fund
None of the above
Bank Account
18
How can social pressures affect your finances
Spending money on things your friends want
It does not
What are social pressures
None of the above
19
Covers your property if lost or stolen.
Auto
Home Owners
Disability
Life
20
What is tax money used for
Law enforcement
Bridges
Schools
All of the above
21
FAFSA= Free Application For Student Aid
False
True
22
You should read all disclosures that are financially related
False
True
23
What breaks payments down in interest and principal
Loan Agency
FICO
Banks
Ammoritization
24
Deflation = Cost of goods going down
True
False
25
How does scarcity affect a persons wants and needs.
It makes items less expensive.
None of the above.
It does not
When an item is scarce it is more desirable.
26
You fill out a W-4 when you get a job to tell your employer how much taxes to withhold.
True
False
27
Principal is the original money invested or loaned
True
False
28
As it relates to taxes a 401k is
Post tax investment
Pre tax investment
Both
Neither
29
What is FICA
None of the above
Fire Insurance Contribution Act
Federal Insurance Can Act
Federal Insurance Contribution Act
30
What controls the United States finances
NCUA
FDIC
IRS
Federal Reserve
31
What can result from problem gambling
Bankruptcy
All of the above
Deppression
Loss of employment
32
TVM states money is worth more tomorrow than today
True
False
33
What is economics
The study of money
The study of limited resources and how people use them.
The study of budgeting
The study of peoples psychology
34
Which of these do not effect insurance rates
Height and weight
Gender
Marital Status
Age
35
Transportation, clothing, shelter and food are needs
False
True
36
A W-2 Lets you know how much tax has been withheld from you throughout the year.
False
True
37
You have a 30 yr home loan at 3% what type of loan do you have?
Moving
Fixed
ARM
Baloon
38
When it comes to finance emotions can make you
Under spend
Save
Over spend
None of the above
39
Covers or replace a individuals income upon death.
Auto
Property
Disability
Life
40
Covers your income in case you get hurt.
Disability
Property
Auto
Life
41
FDIC insures your bank account up to $350,000
False
True
42
What is a long term goal?
Less than 6 months
More than 6 months
43
What is not a component of a financial plan
All of these are a part of a financial plan.
Net worth statement
spending all your money
comparisons
44
https is a good thing to look for in online commerce
True
False
45
How is a 403B different than a 401k?
It is for a LLC
None of the above
It is for small business owners
It is for a non profit
46
Which is not one of the three Cs of credit
Capital
Character
Collateral
Choices
47
You have the right to choose and be informed
False
True
48
What is PYF
Pay yourself first
Pay your bills first
Pay your family first
None of the above
49
Where does a 401k come from
The government
None of the above
Your employer
Investment firm
50
What are personal financial values.
How much is in your retirement account
None of the above
Things you value bevause of how you were raised
How much jewelry you have
51
A car, eating out, a big house, and extra clothes are wants
False
True
52
Net is the amount of money that you make before taxes.
True
False
53
What is an example of instant gratification
Seeing a shirt and getting it right now
Saving money
Going home to eat lunch to save up for something
None of these
54
What is social security
Benefits for kids
Social benefits
Benefits for individuals over 65 from FICA
None of the above
55
Using the rule of 72 what is the interest rate needed to double your money in 12 years
10
6
8
9
56
The rule of 72 tells you how long it will take to double your investment
True
False
57
As it relates to taxes a Roth is
Post tax investment
Both
Pre tax investment
Neither
58
Insurance that covers damage you cause to someone else property.
Life
Liability
Health
Term
59
Bankruptcy will stay on your credit report for how many years.
2
11
3-5
7-10
60
As it relates to taxes a IRA is
Pre tax investment
Both
Neither
Post tax investment
61
Auto insurance covers personal items stolen from your car.
False
True
62
3 major credit bureaus are Experian, Equifax, and Trans Union
True
False
63
What is not part of the smart accronym
Measurable
Specific
Thankful
Attainable
64
Insurance is risk management
False
True
65
Covers you if you run over the ROTC obstacle course in your car.
Disability
Auto
Property
Life
66
How long is a short term goal?
more than 6 months
less than 6 months
67
Amortization Table Payments show the amount of principal, interest that make up each payment.
False
True
