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Financial Literacy 5 Flashcards | StudBud

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Why is paying taxes important?

Which is a benefit of financial literacy?

Financial Literacy 5

19 terms·StudBud Administration

Test your knowledge on budgeting, payment methods, and financial concepts

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Questions 19

Answers

1
Which is a benefit of financial literacy?
Fewer goals
Increased debt
Less investing
Better savings
2
Why is paying taxes important?
Funds services
Reduces income
Only for roads
Increases debt
3
True or false: Gift cards expire immediately
True
False
4
Why feel proud of a bank account?
Is uncommon
Shows maturity
Requires no effort
Means wealth
5
What is a mortgage?
Bank account
Loan for a house
Investment type
Savings plan
6
Why save for a long-term goal?
Immediate needs
Short-term fun
Daily spending
Future security
7
True or false: Cash has no physical form
False
True
8
What is a debit card linked to?
Chequing account
Investment fund
Loan account
Savings account
9
Which is NOT a form of payment?
Cheque
Barter
E-transfer
Promises
10
What does 'budget' spell out?
B G D T
B D G T
B U G T
B D T G
11
What does 'salary' refer to?
Annual income
Bank loan
Hourly wage
Investment return
12
True or false: Credit cards have no interest
False
True
13
Who might use a wire transfer?
All above
Students
Tourists
Businesses
14
What is a main use of cryptocurrency?
Government taxes
Online shopping
Physical stores
Direct transfers
15
Which is a risk of not paying credit card on time?
Increased savings
Lower credit score
Reward points
More credit offers
16
What does HST stand for?
Harmonized Sales Tax
House Service Tariff
High Sales Total
Health and Safety Test
17
What does 'interest' mean?
Dislike
Hobby
Bank fee
Fun activity
18
What is 'cryptocurrency'?
Digital currency
Stock shares
Government bonds
Physical money
19
What does a bank teller do?
Invests funds
Teaches finance
Plans budgets
Handles money