stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Money Tips For Teens Flashcards | StudBud
Explore
/
Money Tips For Teens
Money Tips For Teens
32 terms
·
StudBud Administration
·
586 plays
Quiz over Achieve 3000 Article titled "Money Tips For Teens"
Flashcards
32 cards
F
Practice quiz
P
Host live
L
Questions
32
Answers
1
True or False: With a credit card, you can buy things you can't really afford.
True
False
2
What has NEFE done to help teens?
They fight to raise the minimum wage.
They offer summer jobs for teens.
They offer tips to help them develop financial independence.
They tell teens to go to college so they can get a good job.
3
How much is 10% of $100.00?
$10.00
$90.00
$50.00
$1.00
4
What does the article say that NEFE wants to prevent?
Teens spending time shopping instead of studying
Teens wearing designer jeans
Teens becoming adults who are stuck in debt
Teens having to work for minimum wage
5
If I can't pay off the whole balance on my credit card, what mistake did I make?
I didn't believe in the credit card fairy.
I bought the wrong brand products.
I shopped at the wrong store.
I bought more than I can really afford.
6
What does 'endowment' mean?
low hanging branches of a tree
a gift of money meant to fund something
an article of clothing
a long speech
7
True or False: It is really difficult to get your first credit card.
False; you will likely receive many pre-approved offers.
True; credit companies are very picky about granting credit.
8
In this article, what does the acronym NEFE stand for?
Never Eat Fake Edamame
National Endowment for Financial Education
National Endowment for the Arts
Natural Education For Elephants
9
How much is 10% of $30?
$5.00
$300.00
.30 cents
$3.00
10
What amount do experts recommend teens save of your income?
All of it unless there is an emergency
Half at first, and then reduce it later
15%
Begin with 10%, then increase gradually
11
If you can't pay all of your credit card balance each month, what is the next best thing to do?
Pay as much as you can so you get less interest charged.
Pay exactly the minimum balance and no more.
Don't pay anything. Maybe they'll forget about it.
Put the bill under your pillow for the credit card fairy.
12
When was this article written?
October 7, 2010
September 27, 2014
September 27, 2010
April 14, 1999
13
True or False: It is a good idea to carry a small balance on your credit card.
True
False
14
What is meant by the word interest in investing?
Money paid or earned for the use of other money.
The second most important thing.
The second person's name on the account
Someone who is interested in the account
15
What does the word 'axiom' mean?
a generally accepted statement or saying
a bathroom cleaner
a tool for cutting wood
permission to do something
16
You are paid interest on the initial amount AND on the interest earned in this type of account.
Pays compound interest
Pays simple interest
17
What is meant by the word principal in investing?
The money paid for the use of other money
The person whose name is on the account
The initial sum of money invested
The most important thing
18
True or False: If you have a credit card, you should pay the balance in full each month.
False
True
19
What happens when a credit card balance is not paid off in full each month?
Your fairy godmother pays it for you.
Interest is added to the bill causing you to owe more.
You pay part of the original balance now, and part later.
The credit card company cancels your card.
20
What does 'prioritize' mean?
to put things into order of importance
to move quickly
to put on a high shelf
to clean
21
True or False: It is a good idea to use a credit card to buy things you can't afford.
True
False
22
What rule do we use to figure how many years it will take for an investment to double?
The Rule of Compounding Returns
The Rule of Compounding Investment
The "Rule of 72" - 72 divided by the interest rate earned
The "Rule of 72" - interest rate earned divided by 72
23
A plan for how you are going to spend and save your money.
graph
agenda
agreement with parents
budget
24
Why do credit companies offer accounts to those who might not yet know how to use it wisely?
They are very concerned with your financial success.
They are required by law to help you.
They don't know any better.
To make lots of money off your mistakes (fees, interest)
25
Which of these is NOT one of NEFE's money management tips for teens?
Start saving early.
Look for investments that pay simple interest.
Save before spending.
Put needs before wants.
26
In what city and state was this article published?
Fort Worth, Texas
Denver, Colorado
Portland, Oregon
Houston, Texas
27
The article says it is important for teens to understand the difference between:
needs and wants
value and cost
designer and name-brand clothing
credit cards and debit cards
28
Which type of account do experts recommend you put your money into?
Accounts that pay simple interest
Accounts that pay compound interest
Accounts that pay financial equity interest
Accounts that pay funding interest
29
What does 'imprudently' mean?
quickly
unwisely
slowly
angrily
30
Which is better, to start saving small amounts at a young age, or large amounts later on?
Small amounts at a young age
Large amounts later on
31
You are paid interest only on the principal (initial sum invested) in this type of account.
Pays simple interest
Pays compound interest
32
What is your money personality type? Are you primarily a spender or a saver? (No wrong answer)
I am a saver.
I am a spender.
