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Financial Literacy for Teens Review Flashcards | StudBud
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Financial Literacy for Teens Review
Financial Literacy for Teens Review
25 terms
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1,175 plays
#personal finance, #chad foster, #financial literacy for teens
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Investing in different types of things is called ____________________.
budgeting
diversifying
managing
saving
2
What is the number one common denominator of financially successful people?
straight A's in high school
worked part-time as a teen
a college degree
rich parents
3
If you borrow $20,000 for 5 yrs at 12% interest, how much will you pay over that 5 year period.
$20,400
$31,200
$26,700
$40,750
4
If your car is worth less than you owe on your loan anytime during the loan, you are said to be
backside down on your loan
bottom loaded on your head
upside down on your loan
inside out on your loan
5
How long does it take most lottery winners to go broke?
18 months
2 days
5 years
10 years
6
How long to pay off a $1,000 credit card if your interest is 18% and you pay '
minimum payment'
?
8 Years
30 Years
20 Years
10 Years
7
An average career will last approximately how many hours of work-life over 40 years?
32,000 hours
8,600 hours
86,000 hours
18,000 hours
8
Taxes taken out of your check is called _.
withholdings
diversifying
withdrawls
budgeting
9
There are 3 buckets that your taxes go in: income taxes, Social Security taxes, and __ taxes.
FICA
OASDI
Military
Medicare
10
Developing a financial lifestyle that fits the money you will earn in your career is called __.
none of the above
lifestyle-driven journey
money management program
journey-driven lifestyle
11
What is a good resource to consult when buying a new or used car?
Bobs Big Book
Kelley Blue Book
Wither's Car Guide
Brokers Auto Source
12
The federal Social Security payment a person receives per month is _____.
$1,280
28% of their monthly expenses
Enough to cover 75% of there bills
Less than $1000
13
Wal-Mart, which is a very successful corporation, was started by ____.
Sam Walton
Walt Martin
Bob Walters
Wally Amos
14
Money management can also be called _.
withholdings
diversifying
FIRM
budgeting
15
FTC stands for _____________________.
Federal Trade Commission
Financial Trade Corporation
Federal Termination Company
First Time Consumer
16
The money you make at your job day after day, week after week, is called _______.
unearned income
disposable income
limited income
earned income
17
FIRM stands for fuel, insurance, repairs, and maintenance.
True
False
18
FICA is deducted from your paycheck before you get it. FICA stands for
Federal Interest Collection Act
First Interest Capitalization Association
Federal Insurance Contribution Act
Federal Institute of Capital Appreciation
19
When items such as a house or land become more valuable, this is called _ an increase in value.
depreciation
appreciation
appropriation
deprecation
20
Teenagers in America spend approximately ____ total dollars every year.
$100 Billion
$175 Billion
$750 Million
$220 Billion
21
Which items would depreciate if you owned it (them)?
all of the above
a television
a bike
a car
22
What percentage of bankruptcies are filed as a result of medical bills?
40%
9%
35%
20%
23
If you think someone is trying to scam you on the Internet, you should contact the ___________.
FDA
IOC
DEA
FTC
24
What percentage of millionaires choose to buy used cars rather than new cars?
23%
10%
40%
20%
25
A health insurance program that is funded by your taxes and run by the government is known as
State Farm
Medicare
Allstate
Fed insurance
