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Financial Literacy - Chp. 3 Flashcards | StudBud
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Financial Literacy - Chp. 3
Financial Literacy - Chp. 3
10 terms
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"Managing Your Money"
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
What is the difference between a debit card and a credit card?
Credit cards have more security when spending large amounts
Debit cards have a set amount of money placed in an account
Every store accepts credit cards,not all stores accept debit
Credit cards hold more money than Debit cards
2
What is
not
the best way to having a successful, set budget?
Adjust spending or earning
Use money to buy Jordan's.
Figure out what you earn
Figure out what you spend
3
What is true about having a credit card?
Set amount of money
You can skip one month of payment every year
Have more security than cash
If you don't watch what you spend, you will accumulate debt
4
What is a 401(k) retirement savings plan?
Money taken from your paycheck to go towards your retirement
Money strictly used for vacations
Money adding up for self indulgence
Money in savings account
5
What is
not
an appropriate form of financial aid? (Out of the ones you have read about)
Grants
Student loans
Borrowed money from your Great Grandma
Scholarships
6
What are some common mistakes students make during their first year?
Taking any Anatomy & Physiology classes
Taking honors classes and visiting an academic advisor
Finding their professors' office
Getting a credit card and not paying bills on time
7
When choosing a credit card (if you're brave enough) what benefits should you be seeking?
No rewards program
No grace period
Low interest rates
Annual fees
8
What is the best way to save and invest your money?
Letting your mother hold your change
Having a savings account
Collect coins in a Plastic Piggy Bank
Hiding money in your room so you never find it ever again
9
What is a budget?
A place to balance how much money you are spending
A list of things that you may want to buy
An amount of time left to waste all your money
How much money you are receiving
10
Which of the following statements is true?
Financial aid is made only for middle class students
Student loans have to be paid back
Grants, like the pell grant, have to be paid back
Scholarships that aren't received from FSW must be paid back
