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Financial Literacy Basics Flashcards | StudBud
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Financial Literacy Basics
Financial Literacy Basics
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CEC Senior Capstone Quiz
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
What is a benefit of financial literacy?
Emergency preparedness
More debt
Lower savings
Higher fees
2
What is a key aspect of financial literacy?
Spending freely
Avoiding savings
Creating a budget
Ignoring debt
3
What is financial literacy?
Saving for retirement
Complex math skills
Concept that is only for adults
Handling money wisely
4
Which of the following would be good advice for Credit Card debt?
Make only the minimum monthly payments
File for bankruptcy
Pay off the highest interest debts first
Cease all payments and hide from your creditors
5
True or false: Financial literacy requires complex math
False
True
6
Which of the following is NOT a Financial Cost of Lost Money?
Credit Card Interest
High Yield Savings
Overdraft Fees
ATM Fees
7
Why is Financial Literacy Important
All of the above
to understand how to build wealth
to know the basics of personal fiance and money management
to better understand credit scores, risk, interest rates
8
What is a danger of financial illiteracy?
Housing foreclosure
No fees
High savings
Good credit
9
Why is financial literacy important?
It's not important
Supports life goals
Avoids all debt
Only for businesses
10
What can financial illiteracy lead to?
No fees
High savings
Good credit
Unsustainable debt
11
True or false: Financial literacy is a lifelong journey
True
False
12
True or false: Paying off debt quickly saves money
True
False
13
What can help manage debt?
Spending more
No planning
Ignoring it
Responsible use
14
True or false: Financial literacy is only for adults
True
False
15
What can help avoid credit card fees?
Spending more
Automatic payments
Ignoring bills
Late payments
