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Read 180 Teens and Money Quiz Flashcards | StudBud
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Read 180 Teens and Money Quiz
Read 180 Teens and Money Quiz
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Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Health insurance is ___.
only for those who get sick
more important for women than men
an unnecessary expense because you may not need it
a must buy item for your budget
2
When paying taxes in the United States, the more money you make, ____.
the more taxes you pay
the less taxes you pay
doesn't make a difference because everyone pays the same
the more you hate paying taxes
3
Developing a financial plan for the money you earn and is secret to financial success is ___.
a lifestyle-driven journey
none of the above
a money management program
a journey-driven lifestyle
4
Which of the following is a true statement about credit cards?
you should never get a credit card
get a credit card & use it responsibly to build good credit
if you get a credit card, you will go into debt
credit card companies don't charge anything to borrow money
5
Why should you buy renter's insurance?
in case of a flood
in case of a fire
all of the above
in case you get robbed
6
Which of the following items could certainly depreciate if you owned it?
gold
a car
a house
all of the above
7
How can you make money while you sleep?
invest your money
put your money under your pillow for the tooth fairy
donate your money
dream about money
8
You won't be able to move out of your parents' house if you have ___.
pets
protective parents
bad credit
too many friends
9
One major problem with using credit cards is that people ___.
have to pay to use them
lose them a lot
forget to use them
buy things they can't afford
10
What are 3 main expenses every month when you own a car?
insurance, car payment, and car washes
gas, insurance, and oil changes
car payment, gas, and tires
car payment, gas, and insurance
11
Sometimes the U.S. government is affectionately known by what nickname?
Cousin Kathy
Uncle Sam
Uncle Fred
Aunt Sally
12
If you don't have health insurance and you must have emergency surgery, ___.
the hospital will do the surgery for free
you will have to pay all the medical bills yourself
they will tell you to leave the hospital
the government will pay all of your medical bills
13
It's extremely important to do what before buying a car?
pay off all your credit cards
ask your parents for permission
get a driver's license
do car buying research/homework
14
Which of the following is NOT an example of a scam?
Chain mail involving money
Phising e-mails
People selling things on EBAY
Identity theft
15
If I'm late paying my credit card bill, I may have to pay late fees & interest may increase
false
true
16
Which of the following is NOT an example of an investment?
stocks
mutual funds
automobiles
real estate
17
You should choose a career based on ___.
what your friends tell you to do
how much money you want to make
what you like to do and have a passion for
what will make your parents happy
18
One common denominator of most financially successful people is that they ___.
quit school before they were 18 years old
started a business early in life
always keep $500 in their pocket
worked part-time when they were teenagers
19
People who don't understand the difference between ___ usually struggle with money problems.
needs and wants
taxes and insurance
food and shelter
buying and renting
20
Credit card debt and ___ are two most common causes of financial disasters for young people.
stingy parents
food costs
computer viruses
automobile costs
21
If you make $40,000/year, Uncle Sam is going to take approximately how much from you in taxes?
$20,000 (50%)
$10,000 (25%)
$1,000 (2.5%)
$200 (0.5%)
22
If you use a credit card, you should ___.
be able to buy anything you want
never pay the bill
pay the full balance every month
pay the minimum payment each month
23
The average Social Security payment a person today receives per month is ___.
more money the person used to earn each month when working
over $5,000
less than $1,000
more than enough to cover a person's monthly bills
24
A ___ is a plan for how you will spend you money each month.
budget
cash journal
paycheck
credit card
25
Name the federal health insurance program that is funded by some of your taxes.
State Tax
FICA
Unemployment Tax
Medicare
26
An average career will last approximately how many hours if you work for 43 years?
1 million hours
8,600 hours
860 hours
86,000 hours
27
What are the two main reasons to save money?
for rainy days and major purchases
for rainy days and to buy all the things you want
so you can invest it and donate it
to pay off credit cards and for major purchases
28
Because I need my social security number for so many things, I should keep it in my wallet.
true
false
29
What is the most important reason to invest?
so you can buy a new car
so you will have money when you retire
to get rich quick
to help other businesses
30
An average career will last approximately how many hours if you work for 43 years?
8,600 hours
1 million hours
860 hours
86,000 hours
