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Financial Literacy #1 Flashcards | StudBud
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Financial Literacy #1
Vertical means straight up and down, going up.
When are taxes due?
Financial Literacy #1
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Answers
1
When are taxes due?
April 15
March 15
Whenever you want
January 31
2
Vertical means straight up and down, going up.
True
False
3
Which of the following would DECREASE your credit score?
All of the above
Spending over your credit limit
Opening 3 more credit cards
Missing a payment
4
Paying off your credit card each month means that you will pay 0% interest.
True
False
5
Having a higher credit score will...
Will help you obtain a higher interest rate on a car loan.
Will help you obtain a a lower interest rate on a car loan.
Will help you to put more money down up front.
Has no impact on the interest rate of your car loan.
6
What is the first step to budgeting?
Spending the left over money
Listing out your expenses
Listing out the money coming in
Putting money into savings
7
Which of the following is NOT a variable expense?
Paying for a trip
Paying your rent
Going out to eat
Buying birthday gifts
8
Which of the following is an example of "buy now pay later"?
Savings Account
UberEats
Affirm
None of the above
9
Horizontal means up and down, going straight up
False
True
10
Which of the following is NOT a way to file your taxes?
Dependent
Married
Single
College Student
11
Your spending should always be less than your income.
False
True
12
What should you do if you are consistently going over budget?
Open a credit card
Make changes to your budget
Get a second job
Take out a loan
13
Which of the following are considered borrowing money?
Student Loans
All of the above
Auto Loans
Credit Cards
14
According to the 50/30/20 rule, how much money should go to necessary expenses?
20%
100%
50%
30%
15
Which of the following would INCREASE your credit score?
Opening a new credit card
Paying your bill on time
Spending over your credit limit
Missing a credit card payment
16
A fixed expense does not change each month.
True
False
17
If you are getting a tax refund, you do not need to send in your taxes on time.
False
True
18
A longer term length for a car loan means you will pay less in interest over time.
False
True
19
What is the range of credit scores?
200 to 600
300 to 850
100-1200
600 and above
20
You interest rate will be higher if you have a high credit score.
False
True
21
How often do you need to complete the FAFSA?
Every semester
Each year you are in college/graduate school
Once a month
Once for all of college
22
Which of the following is true about grants and scholarships?
They are sometimes given based on your academic skills.
All of the above.
They are sometimes given based on your financial need.
They do not need to be repaid.
23
Which of the following is NOT a buy now pay later program?
Klarna
Ubereats
Afterpay
Affirm
