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Financial Literacy Budget
Which of these are long term savings options?
A debit card is what kind of payment option?
Financial Literacy Budget
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Answers
1
A debit card is what kind of payment option?
buy later pay later
buy now pay now
buy now pay later
2
Which of these are long term savings options?
Stocks, Bonds, and Mutual Funds
Savings Account and CD'S
Money Market and Checking Accounts
3
The money left over in your budget after your bills and needs are paid.
Discretionary Income
Budget Allocation
Expenditures
4
What two things do you have to compare when making a budget?
Needs vs Wants
Credit vs Debit
Net Income vs Gross Income
5
When making your budget, what income amount do you need to know?
Net Monthly Income
Gross Monthly Income
Annual Income
6
Giving up a want today to be able to save for a goal down the road.
Net Expenditure
Goal Share
Opportunity Cost
7
How many credit cards do financial advisers think a person should have?
One
Seven
two
8
A credit card is what kind of payment option?
Buy Now Pay Now
Buy Later Pay Later
Buy Now Pay Later
9
What are three features available with online banking?
withdraw money, get paid interest, avoid annual fees
View accounts online, transfer money, pay bills online
access accounts via app, deposit money, buy stocks
10
When it comes to personal savings what is PYF?
Pacific Youth Financial
Property Yield Fund
Pay Yourself First
11
A typical family budget will generally see the largest potion of income spent on what category?
Transportation
Housing
Grocery
12
When a lender loans money to a borrower, what do banks charge for loaning the money?
Interest
Overdrafts
Annual Fees
13
Whats the difference between a job and a career?
A job is long term and requires training
A career is shorter and can be achieved with training
A career is long term and will most likely require training
14
A federal government program that provides retirement, survivor's, and disability payments.
Medicare
Taxes
Social Security
15
Protection against car crashes is the primary reason people purchase this type of insurance?
Auto Insurance
Renter's Insurance
Health Insurance
16
When budgeting, the first categories to assign income towards should be those that meet this?
needs
discretionary costs
wants
17
In regards to a budget or register what does the word credit refer too?
When a credit of deposit is added in
When a debit or withdrawal is taken out
When a credit is charged interest
18
What we call something that is essential for survival.
Wants
Budgets
Needs
19
Your house catches on fire. Everything is lost. What type of insurance would covers this?
Homeowners or Rental Insurance
Health Insurance
Life Insurance
20
What do we call a record of your income and expenditures for each month?
Budget
Expenditure List
Income Record
21
Any business that provides money-related services.
Financial Institution
Financial Cooperative
Financial Holding
22
How much of your monthly income should you assign on your monthly budget?
The amount for your needs only.
All of it.
Your discretionary income only.
23
The bills each month that rarely change in amount?
Fixed Expenses
Discretionary Expenses
Variable Expenses
24
When do you plan for your career?
throughout a lifetime
after high school
in college
25
A purposeful course of action in life that provides an income is called what?
Job
Career
Welfare
26
Government program that pays for certain health care expenses for older citizens.
Affordable Care Act
Medicare
Social Security
27
This type of goal can be achieved in one year or less.
long term goal
moderate goal
short term goal
28
What are two examples of financial institutions?
stock market and fortune 500
bank and credit union
credit agency and FICO
29
What kind of buy could we call a purchase of an item around the cash register?
Discretionary Spending
Impulse Buy
Budgeting
30
What do we call the amount of money made over a month period after all deductions are made?
Net Monthly Income or NMI
Net Annual Income or NAI
Gross Monthly Income or GMI
31
The concept of limited resources and money, hence the need to budget.
Impulse Buying
Supply and Demand
Scarcity
32
What we call something we buy not required for survival.
Need
Want
Expenditure
33
Doctors’ visits, surgeries, and hospital stays, are all covered by what kinds of insurance?
Homeowners Insurance
Life Insurance
Health Insurance
34
The bills each month that change or vary month to month.
Discretionary Expenses
Variable Expenses
Fixed Expenses
35
Which of these are short term savings options?
Mass Mutual Funds and Mutual Funds
Savings Accounts, CD'S, and Money Market Accounts
Stocks and Bonds
36
What do we call the amount of money made over a month period before all deductions are made?
Gross Monthly Income or GMI
Net Monthly Income or NMI
Gross Annual Income or NAI
37
When making a budget, what do we call the amount of money taken out for taxes?
Tax Deductions
Total Deductions
Deductions
38
The amount of earnings made over a month after deductions are made.
Discretionary Income
Net Income
Gross Income
39
Who pays into Social Security?
Only the middle class and lower class
Everyone
Employees. self-employed, and employers
40
Anything that you pay our each month such as bills, groceries, or entertainment.
Net Expenditures
Expenditures
Impulse Expenditures
41
In regard to budgets or registers what does the word debit refer too?
When a debit or withdrawal is taken out
When a credit or deposit is added in
When a direct deposit is added
42
Using savings accounts only, sees your money lose value due to what economic factor?
Intermittent
Investment
Inflation