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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Financial Literacy questions for review.
Flashcards
43 cards
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Questions
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Answers
1
What should you do on a job application?
Blue or Black Pen
List references
All of the above
Appropriate grammar
2
Which is an example of a fixed expense?
House Payment
Eating out
Clothing
Gasoline
3
Which of the following are ways to protect yourself from identity theft?
Destroy all password sensitive material
Change passwords frequently
Protect your pin
All of the above
4
Retirement income that you pay into at work and is controlled privately is called
401K
Roth IRA
CD
Social Security
5
What is the best action to take to balance your budget?
Reduce expenses
Increase expenses
Pay more taxes
Get more credit cards
6
What is the name of the fee the bank charges you when you borrow money?
Deposit
Interest
Payment
Withdrawal
7
The best way to make an informed decision is to flip a coin.
False
True
8
What determines the number of jobs, goods and services available?
Taxes
Government
Supply and Demand
Ancestors
9
The knowledge, skills and talent that people use to do their work is called.
Financial Capital
Human Capital
Natural Resources
Capital Resources
10
Which type of lender offers loans to high risk customers with extremely high fees?
Credit Unions
Credit Card Advance
Home equity banks
Payday loan company
11
Haley can either work at Taco Bell or Skyline. If Haley picks Skyline, Taco Bell is her...
Incentive
Deposit
Interest
Opportunity Cost
12
Opportunity Cost can be described as
An exchange of one thing for another
Paying less for an item
Paying more for an item
The item you gave up to purchase something else
13
A plan for managing income, spending and saving is called...
Credit Account
Account balance
Investment
Budget
14
The primary purpose of taxes is to
Provide services that improve the quality of life
Take money from one group to give to another
Allow people to have free goods/services
Provide goods and services that we cannot afford ourselves
15
What is an advantage to buying a house?
Increased responsibility for maintenance.
Multiple options for size and location
Lack of ability to make decorating changes
Limited expenses for maintenance
16
Savings gives you immediate access to your money and is less risk than investing.
True
False
17
Federal and state income tax returns are due every year on
January 31
April 15
December 31
July 15
18
When a bank pays someone to save money it is called
Trade-off
Service
Interest
Opportunity Cost
19
Interest rates on credit cards
Are the same regardless of which company issues the card
Vary depending on credit scores and payment history
Vary based on age and income
Are the same for everyone
20
What is unemployment?
A person not physically capable of working
A stay at home mom or dad
A person without a job but is looking for one.
A retired person
21
Having a good credit score helps you get a job and save money on large purchases.
False
True
22
Sam works at EES, Wyatt works at Walmart, Bobby volunteers at Red Cross. Who is earning income
Sam and Wyatt only
Bobby and Wyatt only
Sam, Wyatt and Bobby
Sam and Bobby only
23
Colton has $100 in his checking account. He writes a check to Netflix for $10. How much is left in his account?
$90
$110
$80
$95
24
The knowledge, skills and talent that people use to do their work is called.
Financial Capital
Human Capital
Capital Resources
Natural Resources
25
Spending on clothing is what kind of expense?
Investment Expense
Production Expense
Fixed Expense
Variable Expense
26
Interest rates on credit cards
Are the same regardless of age or income
Are the same for everyone
Depend on age and income
Vary depending on credit score and age and income
27
A trade off can be described as,
An exchange of one thing for another
Paying more for an item
Giving up on an item you wish to purchase
Paying less for an item
28
The circular flow of money in our society is between
Government, Households and Marketplace
Households, Government and other countries
Marketplace and Households
Government and Marketplace
29
Why would people want to invest in the stock market?
To gamble
To lose money
To help a company go bankrupt
To make money
30
When signing a lease to rent an apartment, it is important to do what?
Read carefully and sign even if you don't understand it.
Read and sign it even though you do not agree with it .
Read carefully and only sign when you understand it.
Review and sign quickly
31
Which one of the following is inappropriate during a job interview?
Dress according to job
Thank the interviewer
Be confident
Answer your cell phone
32
We cannot have everything we want because of
needs
opportunity cost
wants
scarcity
33
One way to improve human capital is by...
Attending school
Building a factory
Go shopping
Saving money
34
Sam earned $3000. He spent $2000. He put $1000 in the bank. This amount is called?
Profit
Saving
Budget
Credit
35
When looking for a house, what should you consider?
All of the above
Neighborhood
Price
Schools
36
The payment people receive for the work they do is called...
Interest
Profit
Wages
Savings
37
Taking money out of your bank account is called...
Payment
Interest
Withdrawal
Deposit
38
Jobs usually pay a higher salary when...
People must be interviewed
An ad has been placed online.
They have a job title
More education or skills are required
39
One way to save money at the grocery store is to compare unit price of the items.
False
True
40
Which of the following could you use to buy something now and pay for it later?
Debit Card
Check
Credit Card
Cash
41
You have a fire at your house, which type of insurance would you need to cover the damage?
Car Insurance
Homeowners Insurance
Long Term Care Insurance
Disability Insurance
42
Before you buy something using a check, what should you know about your account?
If you have money in your account
The interest rate of your account
If you have tax on your account.
The PIN for your account
43
What is net pay?
The length of time an employee's wages are calculated
Amount of money left after all deductions have been taken.
The total amount of money earned before pay deductions.
The amount of pay earned from doing additional work
