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Teen Financial Literacy Flashcards | StudBud
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Teen Financial Literacy
Teen Financial Literacy
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Flashcards
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Questions
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Answers
1
What is debt?
Money that you owe to someone/ something
Money that you save
Money that is gained from investing
Protection from financial loss
2
Which of these is a type of investment?
Buying a car
Money
Stocks
Ordering a drink from Starbucks
3
What is EARNED income
Money you recieve on your birthday/ special holiday(s)
Money you withdraw from your bank account
Money you have saved
Money you receive in return for working
4
Saving money as a teen is unnecessary
True
False
5
Gross pay is your money earned AFTER taxes.
False
True
6
What is Financial Literacy?
The ability to write a check
the value of the next best thing you give up whenever you make a decision
An ongoing process that will reduce your stress about money
The ability to understand and effectively use various financial skills
7
You should research the company before the interview.
True
False
8
The government wants to steal all your money and give you nothing in return.
False
True
9
Megan is making a financial plan to help save and finance her money. What is this action that Megan is doing called?
Investing
Budgeting
Saving
Spending
10
What is EI on your pay stub?
Equitable Insurance
Employment Insurance
Eligibility Investment
Estate & Injury
11
Ethan wants to buy a home, however he does not have enough money to pay for it, what should he do?
Ask the owner if he can get the house for free
Buy a cheaper house
Apply for a mortgage loan
Pay for the house using his credit card
12
In financial terms, what is interest?
The cost you pay on money lent to you or delaying the repayment of a debt.
The monthly fees associated with having a bank account.
The state of wanting to know or learn about something or someone.
The advantage or benefit of a person or group.
13
All of these are types of payment methods except:
chocolate coins
E-transfer
Cash
debit/ credit card
14
Living Wage & Minimum Wage are the same thing.
False
True
15
What is s fixed expense?
An expense that fixes all your problems
An expense that varies each month
A regular monthly expense
The cost to spay or neuter your pet
16
What should you include on your resume if you don't have work experience?
Your skills & extracurriculars
Pictures of your cat
A story about yourself
Nothing
17
What is a RRSP?
A retirerment plan
The owner of a stock
The chance of loss from an event that cannot be entirely controlled
The rise in the general level of prices
18
What is the maximum percentage of your gross income you should spend on rent?
65%
25%
50%
30%
19
It's helpful to look at your spending before trying to make a budget.
False
True
20
Experts suggest that emergency savings = 6-9 months of a person’s expenses be held in liquid assets for unplanned events
False
True
