Slots are a game based on luck, not probablity

Which is a benefit of having a credit card?

You can establish a consumer credit rating.

Which is a warning signal of a debt problem?

Reaching the upper limit of a credit card.

Credit reports can start as early as 16.

Which is a guideline for giving to a charitable cause?

Give to groups that use 60% on actual charitable programs

Which is a credit warning signal?

Paying only the minimum payments on credit cards

Which is a reason for an employee to use a financial institution?

allows you to cash checks, write checks, and save money

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Personal Financial Literacy Benchmark

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Questions 20

Answers

1
Which is true?
The longer you play slots, the more you will win.
The more times you play slots, the more you will win.
If you pick the right slot machine, you will win.
Slots are a game based on luck, not probablity
2
Which of the following is a need:
concert tickets
bus fare to get to work
going out to eat
designer jeans
3
Which is a benefit of having a credit card?
Credit problems lead to higher interest rates.
You can establish a consumer credit rating.
Impulse buying is more likely.
You may spend more than you earn.
4
A waitress at a pizza restaurant has a:
fixed income
variable expense
variable income
fixed salary
5
How many months of living expenses is recommended for an emergency fund?
three months
six months
twelve months
one month
6
Medicare is for people with disabilities or those who are:
65 years of age
50 years of age
60 years of age
55 years of age
7
The person to whom the check is written is referred to as the:
payee
account holder
endorsee
payer
8
Which is a consumer right?
no taxes
safety
free service
low prices
9
What percentage of a person's regular salary is recommended in retirement?
80%
50%
100%
60%
10
Which is an advantage of renting?
privacy
greater flexibility in moving
about to make permanent changes to a rental
tax deductions
11
Which term refers to take-homepay?
gross income
personal income
salary
net income
12
Which tax will provide retirement income?
state tax
federal tax
social security
medicare tax
13
Which is a warning signal of a debt problem?
Using a credit card for gas and clothing.
Not wanting to go to the movies or dinner.
Being rejected for several jobs.
Reaching the upper limit of a credit card.
14
Which is true?
Teens do not have to worry about credit.
Credit history starts over when you move.
Credit reports can start as early as 16.
Credit reports start at age 21.
15
Which is a guideline for giving to a charitable cause?
Give to groups that do a lot of advertising
Give to groups older than 20 years old
Give to groups only in the U.S.
Give to groups that use 60% on actual charitable programs
16
Which is a credit warning signal?
Paying bills electronically
Saving less than 20% of income
Paying only the minimum payments on credit cards
Shopping online
17
Which is a reason for an employee to use a financial institution?
insures that you get paid
allows you to keep more money from your paycheck
allows you to cash checks, write checks, and save money
allows you to spend more money than you make
18
Which shows that a credit counseling agency may be a scam?
requiring fees upfront
advising that credit info cannot be erased
advising on long-term debt solutions
contacting credit bureaus
19
The difference between a job and a career is often the:
number of hours worked
years of experience required
number of competing applicants
amount of education needed
20
If you purchased life insurance for 5 years, which type would you have?
Term life insurance
whole life insurance
primary life insurance
Limited life insurance

Personal Financial Literacy Benchmark Flashcards | StudBud