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Financial literacy through fishing Flashcards | StudBud
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Financial literacy through fishing
Financial literacy through fishing
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Examples of how to acquire financial literacy through a concrete topic, namely, fishing.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Sarah wants to invest. Which of the following options generally carries the HIGHEST risk but also highest return
Government bonds
Stocks in a fishing equipment factory
Savings account at a bank
Certificates of Deposit (CDs)
2
Which of the following is a crucial step in creating a budget for your sport fishing hobby or a related small business?
Estimating your income and tracking all your expenses.
Only tracking your income and ignoring expenses.
Spending all your available money and then figuring out where it went.
Borrowing money to cover any unexpected costs.
3
Maya earns $15 per hour working part-time at a fishing tackle shop. If she works 15 hours a week, what is her income?
$150
$250
$225
$200
4
Diversification is an important concept in investing. How might this relate to a career in the sport fishing industry?
Investing all your money in one single fishing-related stock.
Having skills and experience in multiple areas, such as guiding, and repair
Only focusing on one specific type of fishing.
Relying solely on tournament winnings for income.
5
Liam wants to buy a new high-end fishing rod that costs $500. He has $200 saved. What is the best financial strategy?
Put the $200 down and finance the rest with a high-interest credit card.
Buy a cheaper rod now and forget about the expensive one.
Borrow the remaining $300 from a friend and pay them back immediately.
Set a savings goal and budget his money until he has the full $500.
6
A fishing boat costs $20,000. If a loan charges 5% annual interest rate, what is the paid interest in the first year?
$2,000
$1,500
$1,000
$500
7
Michael is a fishing guide and charges $300. If he completes 10 trips in a month and has $500 in expenses, net income?
$3,000
$3,500
$2,000
$2,500
8
Ben is thinking to start a YouTube channel for his sport fishing adventures. Which is NOT a likely expense?
Fishing gear and equipment
Video editing software and equipment
Rent for a large commercial office space
Travel and accommodation costs
9
Emily is passionate about marine conservation and wants a career related to sport fishing. Which could be best for her?
Working for th government monitoring fish and enforcing fishing laws.
Owning and operating a fishing resort.
Becoming a professional sport fishing tournament angler.
Working as a sales representative for a fishing boat dealership.
10
What is the primary benefit of having insurance for your fishing boat or guiding business?
It increases the resale value of your equipment.
It protects you financially from unexpected events like accidents or storms
It guarantees you will catch more fish.
It helps you avoid paying taxes.
