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Financial Literacy Flashcards | StudBud

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What is a budget?

You should always spend all of your paycheck as soon as you get it.

Financial Literacy

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Questions 10

Answers

1
You should always spend all of your paycheck as soon as you get it.
True
False
2
What is a budget?
A way to pay for things online
A type of bank account
Money you borrow from a bank
A way to track income and spending
3
What happens if you don’t pay your credit card bill on time?
Nothing happens
Your credit card disappears
Your credit score goes up
You get charged extra fees and interest
4
If you earn $100 and save 20%, how much do you save?
$20
$10
$80
$50
5
Why is saving money important?
To avoid using cash
To get free money from banks
To prepare for emergencies and future goals
To buy expensive things
6
What is an example of a want rather than a need?
A new video game
Rent
Food
Water
7
What is the difference between a debit card and a credit card?
Debit cards use money you already have; credit cards let you borrow money.
You must be 25 to use a debit card.
Debit cards let you borrow money, and credit cards use your savings.
There is no difference between them.
8
The best way to get rich is to spend more than you earn.
True
False
9
A credit score helps banks decide if they should loan you money.
True
False
10
What should you do first if you want to save money?
Buy things you like before saving
Set a savings goal and make a budget
Ignore your bank balance
Spend all your money first