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Introduction to Financial Literacy Flashcards | StudBud
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Introduction to Financial Literacy
Introduction to Financial Literacy
40 terms
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StudBud Administration
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638 plays
Units 1 - 4
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
Does the Monopoly Man wear a monocle?
No
Yes
2
When you finance, sometimes there is no interest rate
False
True
3
Credit and debit cards are essentially the same thing since they are both are payment cards
True
False
4
Credit cards have fewer federal fraud protections than a debit card
True
False
5
Which show is this character from
The Simpsons
American Dad
Family Guy
Bob's Burgers
6
If you are going to finance a purchase, what do you need to find out about the loan first?
How long will I be paying back this loan?
Will I be able to use this loan to pay off other loans?
Can I max out my credit cards to pay back the loan?
Why is the APR the same as the interest rate?
7
Whether you open a savings account or get a credit card, you always want high interest rates
False
True
8
Getting a "return" on an investment is always a good thing
True
False
9
Mortgages are used to finance a...
car
college tuition
home
smartphone
10
When you buy stock, you are buying a piece of the company for the chance to make more money
False
True
11
Which Adam Sandler movie is this clip from
Big Daddy
Billy Madison
50 First Dates
The Wedding Singer
12
What is one reason for why gold is so special?
only royalty/people in power were allowed to have it
shine and texture are cleaner than other metals
can be melted at a lower temperature than other metals
not prone to corrosion over time
13
Financing means you take out a loan in order to make a purchase, then pay it back over time
False
True
14
What percentage of people reported they don't have enough savings to last at least six months?
50%
60%
15%
30%
15
Select one of the major decisions you face when you earn a dollar
Banking
Invest
Checking Account
Financing
16
If you withdraw money from a CD before reaching maturity, you have to pay a withdrawal penalty
True
False
17
A _ pools money from many investors for the purpose of investing in stocks, bonds, and others
Certificate of Deposit (CD)
Mutual Fund
Stock Market
Government Bond
18
What percentage of Americans reported they are currently living paycheck to paycheck?
40%
25%
70%
10%
19
Government Bonds are essentially considered risk-free
False
True
20
What is one way that banks earn their money?
lend money at higher interest rates than what they're paying
employee salaries paid by the government with citizen taxes
print money for the economy & keep some for daily operations
customer money for daily expenses & company money for bills
21
What are two benefits to taking out a Private Loan?
there are fewer options for when and how much you repay
lower monthly payments
a portion of your wages could be taken by the government
if you have strong credit, you may get low interest rates
22
Becoming financially literate means having the _ to make _ with all of your financial resources
experience and advice; wise monetary investments
skills and knowledge; informed and effective decisions
money and know-how; educated assumptions
23
What is an example of a "Good"
food
car repair
haircut
doctor visit
24
Investing presents a great risk because a strong return is not always guaranteed
True
False
25
In 2018, the US Government uses...
Fiat Money
The Barter System
The Gold Standard
Gold and Silver Coins
26
Owning a home is one of the biggest investments someone will ever make
False
True
27
Compared to teens in other countries, American teens are above average in financial literacy
False
True
28
Select an example of bad debt
mortgage
avoid paying taxes
auto loan
private college loan
29
A high credit score means you are likely to pay back loans in full and on time
True
False
30
What are two ways that some great investors research stocks?
talk with company employees for insider information
read recent news releases
rely heavily on advice from stock analysts
go online to check out recent presentations to investors
31
Which show is this clip from
How I Met Your Mother
Parks and Recreation
The Office
30 Rock
32
What is a "Savings Account"
keep money in a bank and earn a small amount of interest
offers more bank options (making purchases or paying bills)
borrow money from your bank for purchases, then pay it back
33
Becoming financially literate allows you to __
go from stoked to broke
live a life within your financial means
buy happiness
cash in your $1 for 100 pennies and scatter them everywhere
34
What is the name of this character
Goldmember
Dr Evil
Austin Powers
Mini Me
35
When it comes to buying stocks, the goal is to...
Be patient! Wait for stock prices to double before investing
Buy low! Hold for a time, then sell for more than you paid
Diversify! Buy a lot of high risk stocks
Do your homework! Follow the advice of the professionals
36
"Barter" is another word for
Fiat
Gold
Selling
Trading
37
If your GPA falls below a 2.0, you can still take out a private loan
False
True
38
What is one reason why professional athletes are filing for bankruptcy?
no worker's compensation for in-game injuries
delayed payments
identity theft
they just don't understand their finances
39
Becoming financially literate is only important to professional athletes
False
True
40
How much credit card debt does Peter Griffin have
$300,000
$3,000
$300
$30,000
